The U shape of the long-run ATC curve is the result of diminishing returns. This statement is false. This shape happens because of the dominance of AFC thus the ATC is falling but after a while, the AVC becomes dominant and ATC starts to rise.
Definition of terms:
ATC – Average Total Cost
AFC – Average Fixed Cost
AVC – Average Variable Cost
Final answer:
The claim that the U-shape of the long-run ATC curve is due to diminishing returns is false. Instead, this U-shape represents economies of scale followed by diseconomies of scale in the long run, where all inputs are variable. A natural monopoly situation highlights the advantage of operating at the scale where long-run ATC is minimized.
Explanation:
True or false, the U shape of the long-run ATC curve is the result of diminishing returns. This statement is false. The U-shape of the long-run average total cost (ATC) curve does not directly result from diminishing returns, which are more closely associated with short-run cost behavior. In the long run, all factors of production are variable, and the U-shape of the long-run ATC curve reflects economies of scale, constant returns to scale, and diseconomies of scale.
In the long-run ATC curve, the declining portion signifies economies of scale where increasing the scale of production lowers the per-unit cost. This phase is attributed to factors such as increased specialization and efficiencies. The flat portion indicates constant returns to scale, where increasing production does not significantly affect the per-unit cost. Finally, the rising portion represents diseconomies of scale, occurring when further expansion leads to increased per-unit costs due to factors like coordination difficulties and management inefficiencies.
A natural monopoly scenario, as described, occurs when a single firm can supply the entire market at a lower cost than multiple firms due to its ability to operate at a scale where the long-run ATC is minimized. This reflects the natural monopolist's advantage in achieving economies of scale that are not accessible to smaller competitors.
Sheila went to college to study accounting, and got her first entry-level job right after graduating. however, as she gained more experience at the law firm where she worked, she became more knowledgeable about tax law and decided to make a commitment to go to law school and become a tax lawyer. according to ginzberg, sheila is in the
An automobile company shuts down a factory, forcing hundreds of workers into unemployment. the positive externality is that the
When an automobile company shuts down a factory, potential positive externalities may arise, such as the availability of land for other uses and the reduction of pollution, contributing to the welfare of the community.
Explanation:An automobile company shutting down a factory is an example of a business decision affecting not only the company but also the surrounding community. In this case, the positive externalities are the potential impacts beyond the company. Although the direct result is the loss of jobs, there may be unexpected positive outcomes. One positive externality could be that the land where the factory was located becomes available for other uses. For example, it could be used for the development of a public park, other businesses, or housing. The reduction in pollution caused by the factory's operations could also be a positive externality, contributing to a cleaner environment and healthier surrounding communities.
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Which project leadership role includes the task of handling administrative responsibilities for the team and negotiating with users who might have conflicting requirements or want changes that would require additional time or expense? department manager system analyst project manager project coordinator?
Jeremy is 7 years old and has been asked to balance a scale with weights that can be hooked to the arms of the scale. jeremy will probably _____.
One major role that the government plays in the market economy of the u.s. is: requiring minimum levels of employment in major industries setting production targets for major industries allocating resources in various market activities setting laws governing economic activity
___________ efficiency is gaining the most output with a given amount of input, but not relating output to consumer utility.
The answer to this question is Productive efficiency.
Productive efficiency is where businesses and firms use their management processes in order to be efficient and to be productive than before. In production efficiency, it is a state where the company utilizes their own resources and least amount of waste in the resources.
In terms of explaining the probability of assignment to trial arms in consent forms, which is true?
In trial consent forms, the process of informed consent requires providing potential participants full knowledge about their probability of assignment to different trial arms, usually determined by random assignment. The benefits and risks must be clearly outlined. Autonomy and informed consent protect participants from exploitation.
Explanation:In terms of explaining the probability of assignment to trial arms in consent forms, the principle of informed consent is vital. This means that potential participants in a clinical trial must be provided with all the relevant information about a trial to make their own decision about whether to participate.
Central to this is the probability of assignment to different trial arms, which is typically determined through random assignment. This ensures that each participant has an equal likelihood of being placed in any given treatment group, thereby enhancing the validity of the study.
Moreover, all risks and benefits associated with potential assignment to different trial arms must be clearly outlined. This information is crucial for potential participants, to make an informed decision on whether to participate. Here, the principle of Autonomy, which posits that patients have a right to exercise agency or self-determination in making their health decisions, is protected. Informed consent and participant autonomy, thus, guard against exploitation.
Regardless, it should be noted that random assignment isn't necessarily always ethical, especially in cases where one treatment is known to have beneficial effects. In such situations, instead of random assignment, researchers may compare individuals who choose to undergo the treatment to those who choose not to, while controlling for other differences in these groups (lurking variables).
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“jeremy, can you possibly give me a ride to the airport this sunday,” your friend ben asks. not thinking that this is a big deal, you agree to do this favor for ben. “oh, that’s great! thanks so much. and by the way, i forgot that the plane leaves at 8:30 am so i’ll have to be be at the airport by 6:30 am. pick me up at 6:00. see you then,” ben adds. you are still likely to do the favor for ben because you have just been a victim of the _____________ technique.
The persuasion method used by Ben in the given scenario is the foot-in-the-door technique, where a small initial agreement makes subsequent larger requests more likely to be agreed upon.
In the scenario provided, the tactic used by Ben to obtain the favor of a ride to the airport is an example of the foot-in-the-door technique. This social psychology principle relies on the idea that agreeing to a small initial request increases the likelihood of agreeing to a second, larger request. The person becomes self-perceptive and committed to the notion of being someone who helps others, which makes it easier for them to conform to further requests. In contrast to this, the door-in-the-face technique involves making an unreasonably large request first, which is then followed by a smaller, more reasonable request.
Jane has just deposited $2,000 in her checking account. she knows that the bank will keep part of these funds on hand and loan out the rest. this is an example of
Officers of the corporation are
A. appointed by the stockholders.
B. stockholders of the corporation.
C. appointed by the board of directors.
D. None of the above
The answer is C.appointed by the board of directors.
The integration theory that asserts that technological and economic development lead to more and more supranational structures as states seek practical means to fulfill certain activities is __________.
You go to an all-you-can-eat buffet. if you maximize utility, the marginal utility of the last bite that you eat will be:
Suppose the equilibrium aggregate price level and the equilibrium level of real gdp are both rising. this is probably the effect of a(n) _____ in aggregate _____.
Harmony is defined as the simultaneous combination of –, which results in intervals and –
Why are junk bonds more popular during a bear market
A debit memorandum increases which account on the buyers books? Answer choices in picture
How has the distribution of income in the united states changed over the last 20 years?
a. it has become more equal.
b. it has become less equal.
c. it became more equal for about 10 years but has become less equal.
d. it has not changed appreciably?
The correct answer to this question is:
b. it has become less equal.
Since 1970, the income inequality in the United States has increased significantly. This means that the income share of households receiving higher income has increased extensively, while those receiving lower income has decreased in effect. This can be attributed to a lot factors which includes the decline in labor unions, global workers competition, immigration of less-educated workers, and differences in policy, politics and race.
Answer:
b. it has become less equal.
Explanation:
Rob wants to buy six dining room chairs. anderson's has the chairs priced at five for $259. what is the first step rob would take to calculate the price of the chairs?
request the entrepreneur to share his or her key success factors and elaborate on this success factors
Is waitressing considered customer service?
Dr. frank is a 65-year-old college professor who is contemplating retirement. his health is deteriorating, but he wants to remain mentally stimulated and use the skills he has developed. if dr. frank adopts baltes's selective optimization with compensation model, he should:
Since Dr. Frank still wants to remain mentally stimulated and use the skills he has acquired and developed, with the selective optimization that he adopted, he should chose an aspect of his job that would still fit him especially base on his health where he could adjust and keep him going in the same time, and chose whether which he likes best on jobs that could be offered in relation the line of his work.
Brizan has just lost his job. he is proactive in trying to resolve this source of stress: he immediately uses the internet to look up other jobs in his field and plans to eliminate non- essentials from his budget to make his savings last longer. which type of coping approach is brizan using?
Brizan is using a problem-focused coping strategy to manage his stress by proactively seeking new employment and planning to reduce expenses.
Explanation:Brizan is utilizing a problem-focused coping approach to manage his stress after losing his job. This type of coping involves actively trying to solve the problem that is causing stress.
Brizan demonstrates this by immediately searching for new job opportunities and adjusting his budget to extend his savings, which are practical actions aimed at altering or managing the stressor itself. Unlike emotion-focused coping, which would involve efforts to reduce negative emotions without directly addressing the source of stress, problem-focused coping is about dealing directly with the situation that is causing stress.
Trying new things on the job is one way of keeping young
Final answer:
Trying new things on the job promotes personal growth and adaptability, fostering innovation and aiding in finding a role that aligns with one's talents. It requires a willingness to learn, adapt, and take on challenges, making it fundamental to career development and satisfaction.
Explanation:
True, trying new things on the job is indeed a way of keeping young. In a professional setting, embracing the challenge of new experiences and experimentation is a valuable mindset for personal growth and career development.
When starting something new, whether it's a job, a project, or even new responsibilities, it requires courage as there is no guarantee of success. However, this leap into the unknown can lead to significant personal and professional rewards. You learn about yourself, develop new relationships, and build valuable experience.
Companies like 3M encourage their employees to spend time on personal projects, understanding the value in fostering a culture of innovation. The labor market, especially for young workers, is dynamic, and sampling different jobs can eventually lead to finding a role that is a good fit for one's talents and preferences. In such an environment, flexibility and adaptability are key traits for an employee. A capacity to adapt to new workplace cultures and challenges is highly regarded.
For those just entering the workforce, it is important to start a new job with curiosity and a proactive approach to feedback. Being curious and seeking feedback can accelerate learning and integration into the company culture. Ultimately, maintaining a flexible attitude not only supports your ability to face new challenges but also opens up opportunities for continuous learning and job satisfaction.
Beginning inventory is $12,000: purchases are $34,000: sales revenue are $60,000: and cost of goods sold is $31,000. how much is ending inventory?
David believes that all promotional activities should be completely eliminated. what commonly held misconception does david likely have about promotion?
What is the term for an improvement in performance caused by the perception that others are watching?
A breach of _______ occurs when an agent has a conflict of interest or is disloyal to the principal.
Tight money policy leads to an increase in
A tight money policy, or contractionary monetary policy, increases interest rates by reducing the availability of money and credit in the economy. This causes loanable funds to become scarce, thus increasing their cost, the interest rates. The result is a decrease in aggregate demand.
Explanation:A tight money policy, also known as a contractionary monetary policy, leads to an increase in interest rates. The reason behind this is simple: such a policy aims to reduce the quantity of money and credit in the economy. By doing so, it makes the available funds for loaning scarcer.
Just like with any other goods, when something becomes scarce, its price goes up. So, with less loanable funds available, the cost of borrowing such funds, which is the interest rate, increases. This pivot to higher interest rates can lead to a decrease in aggregate demand as businesses find it costlier to borrow money for investment and consumers find it more expensive to finance big-ticket purchases.
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Julio has run marathons all of his life, and recently has cut back on some of his other activities to increase the time he has for training in order to maintain his running skills. this is an example of
The range of ________âs work makes him difficult to categorize. in addition to paintings, prints, and combination pieces, he has done extensive set and costume design for merce cunningham and others, as well as graphic design for magazines and books.
The range of the artist’s work makes him difficult to categorize. In addition to paintings, prints, and combination pieces, he has done extensive set and costume design for Merce Cunningham and others, as well as graphic design for magazines and books.
What is graphic design?Graphic design is an art where the graphic designer generates art visually in order to communicate or convey a message. A graphic designer designs the content in such a manner that it becomes interactive in order to enhance the experience of the user. Also, the craft is modified according to the varied needs of the clients.
Thus, the range of the artist’s work makes him difficult to categorize. In addition to paintings, prints, and combination pieces, he has done extensive set and costume design for Merce Cunningham and others, as well as graphic design for magazines and books.
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