A price increase will always cause a firm’s revenue to fall because they will sell less of the good.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 18.3. The opportunity cost of producing scooters in Livonia is
A) 2/3 of a pogo stick. B) 6/5 of a pogo stick. C) 1.5 pogo sticks. D) 1.25 pogo sticks.
If there is a permanent increase in demand for the product of a perfectly competitive industry, the process of transition to a new long-run equilibrium will include:
a. the entry of new firms. b. Neither the entry of new firms nor temporarily higher profits is correct. c. temporarily higher profits. d. Both the entry of new firms and temporarily higher profits are correct.
In 2017 inflation adjusted U.S. poverty threshold was
A. An annual income of less than $10,000 for a family of two. B. The cost of food and shelter but not other necessities for an individual. C. An annual income of less than $25,000 for a family of four. D. The dollar measure of output produced by an individual.
Productivity of an input is the amount of output produced per unit of input.
Answer the following statement true (T) or false (F)