Returns to scale measures how much distance there is between the ________ when there is a uniform increase in the inputs
Fill in the blank(s) with the appropriate word(s).
Answer: isoquants
Economics
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Today's supply curve for iPods could shift in response to a change in
a. today's price of iPods. b. the expected future price of iPods. c. the number of buyers of iPods. d. All of the above are correct.
Economics
The development of market power by a firm is considered to be a market failure because firms with market power will
A. Produce more and charge a lower price than what would be socially optimal. B. Not respond to consumer demand. C. Tend to ignore external costs. D. Produce less and charge a higher price than what would be socially optimal.
Economics