Economic prosperity returned under the New Deal programs of the 1930s
Indicate whether the statement is true or false
False
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What is the distinction between capital and the services of capital?
What will be an ideal response?
Anderson's Bakery sells apple pies in a perfectly competitive market. The market price is $12 per pie. The bakery produces 300 pies per month with a marginal cost of $7 per pie, an average variable cost of $5 per pie, and an average total cost of $7 per pie. In this scenario, Anderson is likely to: a. increase the production of apple pies to maximize profit
b. decrease the production of apple pies but stay open. c. continue to maintain current production levels to minimize losses. d. shut down immediately to minimize losses.
Answer the following statement(s) true (T) or false (F)
1. In the long run, all inputs to a firm’s business can be adjusted. 2. When a firm experiences diminishing marginal product, its total output declines. 3. Fixed costs do not have to be paid if no output is produced. 4. In the short run, a firm’s average fixed cost rises with output. 5. Marginal cost is the change in fixed cost associated with a change in output by one unit.
Suppose that a large country imposes optimal tariffs on imports from another large country. The second country then responds with optimal tariffs on imports from the first country. For these two countries, the Nash equilibrium results in ___________ for the first country and __________ for the second country.
a. losses; losses b. gains; gains c. losses; gains d. gains; losses