Returns to scale describes the long-run relationship between:
A. the quantity of output and the average variable cost.
B. the quantity of output and average total cost.
C. the quantity of input and the average variable cost.
D. the quantity of input and the average total cost.
Answer: B
Economics
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Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes and the supply curve of shoes ________
A) increases; shifts rightward B) increases; shifts leftward C) decreases; shifts rightward D) decreases; shifts leftward E) does not change; does not shift
Economics
Explain why the real interest rate is the opportunity cost of loanable funds
What will be an ideal response?
Economics