An expansion path shows
A) the level of sales necessary for a firm if it wants to expand.
B) the level of long-run average cost at different scales of operation.
C) the returns to scale at each level of output.
D) the least-cost combination of inputs for each level of output.
Question 2
In a small economy in 2016, aggregate expenditure was 850 million while GDP that year was 800 million. Which of the following can explain the difference between aggregate expenditure and GDP that year?
A) Aggregate expenditure is always less than GDP in developing countries.
B) Aggregate expenditure is always less than GDP in developed countries.
C) Firm investment in inventories was less than anticipated in 2016.
D) Firm investment in inventories was greater than anticipated in 2016.
Stratigraphic section of the Fayum shows the relative age of early anthropoid fossils.
The photo shows an ultrasound image of a fetus of about 20 weeks’ gestational age.
Changes in the Level of Education, 1975-2010
The figure shows an LR circuit with a switch and a 240-volt battery. At the instant the switch ...
The quaternary level of protein structure as seen in hemoglobin
Major bone (tan) and cartilage (light blue) elements of the human skeleton. Inset shows regions of v