Author Question: The role of the market for renewable resources is to determine a price at which the quantity of a ... (Read 112 times)

azncindy619 · **on:** Jun 30, 2018

The role of the market for renewable resources is to determine a price at which the quantity of a resource is just sufficient to enable the resource to renew itself at a rate that best satisfies society's wants.
a. True
b. False
Indicate whether the statement is true or false

Question 2

If long-run costs are plotted on the vertical axis and the quantity of output is plotted on the horizontal axis, a line that is perfectly horizontal implies:
a. constant returns to scale.
b. economies of scale.
c. diseconomies of scale.
d. inefficient use of capital.
e. inefficient use of labor.