Economics examines the options open to households and business firms, but ignores the options of governments and entire societies

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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If a firm in a perfectly competitive industry introduces a lower-cost way of producing an existing product, the firm will be able to earn economic profits in the long run

Indicate whether the statement is true or false

Economics

Suppose market demand is p = 10 - Q. Firms have a fixed entry cost of 5 and no marginal cost. If firm A is the incumbent, can it deter the entry of its rival, firm B?

What will be an ideal response?

Economics

According to the graph shown, total surplus is:



A. $25.
B. $90.
C. $50.
D. $130.

Economics

The monopolist will choose the price and output combination at which

A) MC equals AR. B) MC equals MR. C) MC equals price. D) MR equals AR.

Economics