Profits in the short run attract resources to industries in the long run, allowing them to expand.
Answer the following statement true (T) or false (F)
True
Economics
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If marginal product is equal to average product, then total product is at a maximum
Indicate whether the statement is true or false
Economics
Entrepreneurs are at the heart of the market process
Indicate whether the statement is true or false
Economics
If the price elasticity of supply for a good is equal to infinity, then the
a. supply curve is vertical. b. supply curve is horizontal. c. supply curve also has a slope equal to infinity. d. quantity supplied is constant regardless of the price.
Economics
A good is an inferior good if the consumer buys less of it when
a. his income rises. b. the price of the good rises. c. the price of a substitute good falls. d. his income falls.
Economics