Farmer Seth has a perfectly flat long-run average total cost curve over the range of output from 10,000 bushels of wheat to 100,000 bushels of wheat. Hence, over this range of output, Farmer Seth definitely experiences

A) constant marginal returns.
B) constant returns to scale.
C) constant economies of scale.
D) none of the above.

B

Economics

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Economists argue for free trade in import markets because

A) all consumers and producers benefit from importing goods. B) the gains to the U.S. producers outweigh the losses to the U.S. consumers. C) the gains to the U.S. consumers outweigh the losses to the U.S. producers. D) no one is made worse off by importing goods. E) importing goods decreases total surplus.

Economics

There is a shortage of every good that is scarce

Indicate whether the statement is true or false

Economics