The social and economic environment plays a secondary role when compared to the importance of land, labor, capital, and entrepreneurship
Indicate whether the statement is true or false
F
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The firm in the figure above is in monopolistic competition. The firm has
A) no excess capacity. B) excess capacity of 10 units. C) excess capacity of 20 units. D) excess capacity of 30 units.
A firm’s budget line shows a given expenditure on production, given the input prices for the production process.
Answer the following statement true (T) or false (F)
The exit of existing firms from a competitive market will
a. increase market supply and increase market price. b. increase market supply and decrease market price. c. decrease market supply and increase market price. d. decrease market supply and decrease market price.
If total production is less than total expenditures, then business firms
A) have overproduced. B) will cut back on production. C) will raise production. D) will experience increases in inventory. E) a and d