If the price of peaches, a substitute for plums, decreases the demand for plums will increase
Indicate whether the statement is true or false
FALSE
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The long-run perfectly competitive equilibrium
A. results in normal profits. B. is not economically efficient. C. will never change once it is realized. D. is realized only in constant-cost industries.
Use the following graph (where L is the quantity of labor) to answer the next question.
It shows a firm that buys its inputs and sells its output in competitive markets. If the firm develops a new technology that increases labor productivity, the equilibrium level of employment for this firm is expected to be
A. higher than L0. B. L0. C. lower than L0. D. zero.
The measured poverty rate may not reflect the true extent of economic deprivation because it does not include some forms of government assistance
a. True b. False Indicate whether the statement is true or false
The price of pork can be increased by:
a. A subsidy to pork producers b. Decreased advertising of pork c. A decrease in the cost of feed for pork producers d. An increase in the cost of beef