A constant-cost industry is an industry in which
A) average costs fall as the industry expands output.
B) input prices rise at a constant rate as firms in the industry use more inputs.
C) average costs rise as the industry expands output.
D) average costs remain constant as the industry expands output.
Question 2
Bubba's Hula Shack bar and bistro has begun giving customers who can show proof that they arrived at the establishment by public transportation a 10 percent discount on their total bill.
All else equal, customers who arrive by public transportation to take advantage of Bubba's Hula Shack discount have a ________ for the services of the establishment than customers who drive to the establishment.
A) higher price elasticity of supply B) lower price elasticity of supply
C) lower price elasticity of demand D) higher price elasticity of demand
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A cowbird with its foster parent. A female cowbird minimizes her cost of parental care by laying her