Emma owns a firm that produces umbrellas. Currently, Emma produces 2,500 umbrellas a day. Emma cannot produce more umbrellas in a day unless she purchases another machine or else hires more workers. Emma is ________ efficient

The development most responsible for the wide-spread introduction of macroeconomic models built upon solid microeconomic foundations was the

A) work of John Maynard Keynes. B) rational expectations revolution. C) popularization of supply-side economics. D) development of the Keynesian coordination failure model.

How can regional concentration of firms in an industry lead to external economies of scale? Give examples of these types of industrial clusters in the United States. Are they always beneficial?

What will be an ideal response?