If a firm has excess capacity, then
A) the firm expends too much of its resources on advertising its product without seeing an appreciable increase in sales.
B) the firm is not producing its minimum efficient scale of output.
C) the firm's long-run average cost of producing a given quantity exceeds its short-run cost of producing that same quantity.
D) the firm's quantity supplied exceeds its quantity demanded.
Answer: B
Economics
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If both the demand and supply increase, the equilibrium quantity ________ and the equilibrium price ________
A) increases; falls B) decreases; might rise, fall, or not change C) decreases; rises D) increases; might rise, fall, or not change
Economics
An example of a standardized product is
A. toothpaste. B. a restaurant meal. C. paper towels. D. an egg.
Economics