Cost minimization requires that a firm equate the ratio of marginal products of inputs to the ratio of input prices.
Answer the following statement true (T) or false (F)
True
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The production possibilities frontier illustrates the
A) maximum combinations of goods and services that can be produced. B) resources the economy possess, but not its level of technology. C) goods and services that people want. D) limits to people's wants. E) amount of each good that people want to buy.
A company that explicitly takes on a social mission in addition to profit-seeking is considered a:
A. nonprofit organization. B. social welfare organization. C. benefit corporation or L3C (low profit limited liability company). D. social partnership.
When buyers assume that there is a 70% chance of getting a lemon, and seven lemons (low quality) and three plums (high quality) are supplied, there is an equilibrium.
Answer the following statement true (T) or false (F)
Other things equal, a decrease in government spending shifts
A. the AS curve to the right. B. the AD curve to the left. C. the AD curve to the right. D. the AS curve to the left.