A firm that sells at a price below average cost is losing money.
Answer the following statement true (T) or false (F)
True
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Individuals face scarcity; whole societies do not.
Answer the following statement true (T) or false (F)
The incentive for managers of a government-operated firm (for example, a state university or the U.S. Post Office) to operate efficiently will be
a. low because all government workers are lazy. b. low because there are no residual claimants to monitor and institute cost-reducing measures. c. high because government employees and officials will be less concerned with personal gain. d. high because voters can easily detect those who are to blame for inefficiencies and replace them.
The real balance effect is the change in
A) purchasing power that results from a change in income. B) the amount of money one has that results from a change in income. C) purchasing power that results from a change in the price level. D) the amount of money one has that results from a change in the price level. E) none of the above
___________ is the study of how people behave in strategic situations.
Fill in the blank(s) with the appropriate word(s).