Mutually beneficial trade is impossible when different persons have different preferences about goods and services
a. True
b. False
Indicate whether the statement is true or false
False
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Economists call the influences of the decisions of others on our decisions ________
A) peer effects B) moral hazard C) externalities D) cluster effects
Average cost is higher with a monopolistically competitive firm than with a perfectly competitive firm.
Answer the following statement true (T) or false (F)
If at an output of 4,000 units Sloan Company is making an economic profit and marginal profit is $20 per unit, the firm should
a. reduce output to maximize total profit. b. increase output until marginal profit falls to zero. c. do whatever is necessary to increase marginal profit. d. There is not enough information to make a decision.
If demand rises and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).