Increasing returns to scale mains that the more you produce the lower
the cost. (
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the cost. (
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举一反三
- If an economy is producing<br/>efficiently, then ____ A: there is no way to produce<br/>more of one good without producing less of another good. B: it is possible to produce<br/>more of both goods without increasing the quantities of inputs that<br/>are being used. C: it is possible to produce<br/>more of one good without producing less of the other. D: it is not possible to<br/>produce more of any good at any cost.
- Individuals Lin<br/>and Li<br/>both produce good X. Lin has a<br/>comparative advantage in the production of good X if Lin ( ) A: has a lower opportunity cost of producing good X than<br/>has Li. B: has a lower opportunity cost of producing good X than<br/>of producing good C: can produce more units of X in a given time period<br/>than can Li. D: can produce X using newer technology than can Li.
- In the model of monopolistic competition, compared to a firm with a lower marginal cost, a firm with a higher marginal cost will set a ________ price, produce ________ output, and earn ________ profits. A: higher; less; more B: higher; less; less C: lower; less; less D: lower; more; more
- A<br/>rational decision maker takes an action only if the() A: marginal benefit is less than the marginal<br/>cost. B: marginal benefit is greater than the<br/>marginal cost. X C: average benefit is greater than the average<br/>cost. D: marginal benefit is greater than both the<br/>average cost and the marginal cost.
- New technology:( ) A: seldom contributes to competitive advantage or operational<br/>efficiency. B: seldom enables competitive advantage from product/service<br/>differentiation at lower cost. C: frequently enables competitive advantage from product/service<br/>differentiation at lower cost. D: frequently enables competitive advantage from product/service<br/>differentiation, but typically at a higher cost. E: frequently enables operational efficiencies, but seldom enables<br/>competitive advantage.