Using only marginal revenue and marginal cost, we can determine whether a firm is incurring a profit or a loss
a. True
b. False
Indicate whether the statement is true or false
False
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Real GDP is the yearly production of final goods and services valued at
a. current prices. b. constant prices. c. expected future prices. d. the ratio of current prices to constant prices.
If a depletable resource is selling in a perfectly competitive market, its expected price will continue to fall over time. This makes it unprofitable for firms to seek out the resource and bring it to market.
Answer the following statement true (T) or false (F)
Given the above graph, as you move from input combination A to input combination C,
A. output is unchanged. B. cost is unchanged. C. the marginal rate of technical substitution increases. D. both a and b E. all of the above
Which country has the highest per capita health care expenditures in the world?
A) Canada
B) France
C) United States
D) Japan