A competitive firm's supply curve is identical to its marginal cost curve
Indicate whether the statement is true or false
False. The statement is only partly correct. The supply curve is only that portion that lies above AVC.
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Which function of money allows for specialization to take place?
A) medium of exchange B) unit of account C) store of value D) standard of deferred payment
In the long run, the currency of a country that has a higher inflation rate will appreciate against the currency of a country whose inflation rate is lower
a. True b. False
The rate-of-return regulated public utility has strong incentive to control cost
Indicate whether the statement is true or false
Cannibalization is:
a. Reducing the sales of own firm b. Improving quality over a rival's product c. Reducing costs d. Increasing one's output to reduce sales of another firm