If the marginal cost and average total cost of production are the same at 5,000 units, then there is no other output that has a lower average total cost
Indicate whether the statement is true or false
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A firm must devote people, time, and money to designing a new product. Because any firm has only limited resources, it
A) faces a trade-off, because resources used to develop one product will not be available to develop another product. B) should wait until its competitors develop a similar product before deciding on devoting resources to its own product development. C) is not able to develop more than one new product at a time. D) must be certain that the product it chooses to develop will be successful or it will not be able to stay in business.
If firms pay efficiency wages, they pay wages that
A) are mandated by the government. B) will eventually lower the unemployment rate. C) motivate workers to increase their productivity. D) are lower than average to ensure maximum profit.
The greatest expansion of the automobile industry occurred in the decade of the ______.
Fill in the blank(s) with the appropriate word(s).
In recent years the U.S. banking structure has changed in such a way that there are now:
A. fewer branches. B. fewer banks but more branches. C. fewer banks and fewer banks with branches. D. more banks.