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If a firms long-run average total cost increases by 6% if output is increased by 6%, the firm is experiencing:

A. Economies of scale.
B. Diseconomies of scale.
Constant returns to scale.

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A consumer has a budget of 120 euros. If the price of melons increases from 4 euros to 5 euros, and the price of fish increases from 6 euros to 10 euros, the absolute value of the slope of the budget

A. Decrease from 2/3 to 1/2.
B. Decrease from 4/5 to 6/10.
C. Increase because the price of both fish and melons has increased.

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The imposition of a price floor above the current equilibrium price is most likely to result in a:

A. Change in supply.
B. Welfare loss to the economy.
C. Decrease in quantity supplied.

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If widgets are a Giffen good, which of the following describes the effect of a price decrease in widgets？ Quantity demanded will most likely.

A. Increase in accordance with the law of demand.
B. Decrease because a lower price makes a Giffen good less desirable.
C. Decrease because the income effect will more than offset the substitution effect.

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The demand function for coffee pots is given by 250-5P, and the supply function is given by 20P-50. At a price of 15, the market:

A. Has excess supply of 75.
B. Has excess demand of 75.
C. Is in equilibrium with quantity supplied and demanded equal to 75.

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If a firms long-run average total cost increases by 6% if output is increased by 6%, the firm is experiencing:

A. Economies of scale. B. Diseconomies of scale. Constant returns to scale.

A consumer has a budget of 120 euros. If the price of melons increases from 4 euros to 5 euros, and the price of fish increases from 6 euros to 10 euros, the absolute value of the slope of the budget

The imposition of a price floor above the current equilibrium price is most likely to result in a:

If widgets are a Giffen good, which of the following describes the effect of a price decrease in widgets？ Quantity demanded will most likely.

The demand function for coffee pots is given by 250-5P, and the supply function is given by 20P-50. At a price of 15, the market:

A. Economies of scale.
B. Diseconomies of scale.
Constant returns to scale.