It is L-shaped
It is ∩-shaped
It is ∪-shaped
It is ∧-shaped
It is M-shaped
2.Economies of scale exist whenever long-run average costs:
Increase as output is increased
Remain constant as output is increased
Decrease as output is increased
Decline and then rise as output is increased
3.For a short-run cost function which of the following statements is (are) not true? Answer
The average fixed cost function is monotonically decreasing.
The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum.
The marginal cost function intersects the average variable cost function where the average variable cost function is a minimum.
The marginal cost function intersects the average total cost function where the average total cost function is a minimum. 4.The existence of diseconomies of scale (size) for the firm is hypothesized to result from: Answer
imperfections in the labor market
imperfections in the capital markets
problems of coordination and control encountered by management 5.In which of the following econometric problems do we find Durbin-Watson statistic being far away from 2.0? Answer
the identification problem
6.The method which can give some information in estimating demand of a product that hasn’t yet come to market is: Answer
the consumer survey
a statistical demand analysis
plotting the data
the barometric method
7.The estimated slope coefficient (b) of the regression equation (Ln Y = a + b Ln X) measures the ____ change in Y for a one ____ change in X. Answer
none of the above...