The above figure shows the isoquants for producing steel. When producing between 10,000 and 20,000 tons there are
A) increasing returns to scale.
B) decreasing returns to scale.
C) constant returns to scale.
D) economies of scale.
C
Economics
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A bilateral negotiation is a bargaining mechanism in which:
A) a third party or an authority intervenes and decides the prices of the products traded in a market. B) a single seller and a single buyer confront one another with bids and asks. C) multiple buyers bargain with a single seller to determine the trading price. D) multiple sellers bargain with a single buyer to determine the trading price.
Economics
What do economists mean when they characterize households and firms as forward looking?
What will be an ideal response?
Economics