ECO3704 Exam 1 Review Questions And Correct Detailed Answers.
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Course
COM 3704
Institution
COM 3704
external scale economies - correct answer when the average cost of the typical firm declines as the output of the industry within a geographic area increases
internal scale economies - correct answer fi...
external scale economies - correct answer when the average cost of the
typical firm declines as the output of the industry within a geographic area increases
product differentiation - correct answer the process of distinguishing a
product or service from others, to make it more attractive to a particular target market.
constant returns to scale - correct answer when input use and total cost rise in
the same proportion as output increases
consumption effect - correct answer of the tariff shows the loss to the
consumers in the importing nation based on the reduction in their total consumption
one-dollar, one vote metric - correct answer every dollar of gain or loss is just
as important as every other dollar of gain or loss regardless of who the gainers or losers are
production effect - correct answer f the tariff is the amount by which the cost
of drawing domestic resources away from other uses exceeds the savings from not paying
terms of trade effect - correct answer
monopsony power - correct answer a nation has a large enough share of the
world market for one of its imports that changes in the country's import buying can noticeably affect the
world price of the product.
elasticity - correct answer measures the percent change in one variable
resulting from a 1 percent change in another variable
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