When long-run average costs decrease as output increases, there are
A) economies of scale.
B) diseconomies of scale.
C) constant returns to scale.
D) constant marginal costs.
Question 2
Pirates have been intensely attacking ships off the shore of Somalia this year. Boat owners have reportedly coughed up more than 30 million in ransom and insurance premiums have shot up. Why would insurance premiums increase dramatically?
I. Because the probability of pirate attack has increased
II. Because consumers' willingness to pay for insurance has increased because of these attacks
III. Because insurance claims have increased
A) I only
B) I and III only
C) III only
D) I, II, and III
The signal voltage from a throttle position increases as the throttle is opened because the wiper ...
Average household size
The population of Asia increases rapidly, the demand for food and water is also growing
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Inferring Productivity from Data on Output and Factor Accumulation
A company that makes environmental measuring devices has calculated their revenue and costs as ...