The objective of the household is to
a. maximize household wealth
b. own as much land as possible
c. save as much money as possible
d. acquire as many goods as possible
e. maximize utility
E
Economics
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When a U.S. company shifts its call-center operations overseas to reduce costs, it is applying the economic concept of
A) using assumptions to simplify. B) thinking at the margin. C) comparative advantage. D) diminishing returns.
Economics
If output is increased in the long-run, then in the presence of internal economies of scale the number of firms will ________, and in the presence of constant external returns to scale the number of firms will ________
A) decrease; decrease B) increase; remain constant C) remain constant; increase D) decrease; remain constant E) increase; decrease
Economics