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ECO3704 Exam 1 Review Questions And Correct Detailed Answers. $12.99   Add to cart

Exam (elaborations)

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...

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  • August 13, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • COM 3704
  • COM 3704
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ECO3704 Exam 1 Review

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 firm specific, caused internally



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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