A perfectly competitive firm breaks even at a price equal to its minimum average total cost
Indicate whether the statement is true or false
TRUE
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Assume Brandon's benefit function for water is S(W) = ?W and he consumes water both in droughts, WD, or in the rainy season, WR. Assume his current consumption bundle is WD = 36 and WR = 25 and the probability of drought is 0.75. Brandon's certainty equivalent is:
A. 45.75 units of water. B. 33.06 units of water. C. 30.5 units of water. D. 61 units of water.
Price discrimination leads to higher prices for all consumers.
Answer the following statement true (T) or false (F)
Economic expansion and growth are the only objectives that U.S. policymakers consider when they implement tax, spending and financial policies that affect the U.S. economy.
Answer the following statement true (T) or false (F)
What is one reason patents are required?
A) Information concerning innovation is private and secure. B) Human nature is corrupt. C) Information concerning innovation is generally not private and secure. D) The patent only makes things better in the short run.