An asset is anything of value owned by a person or firm
Indicate whether the statement is true or false
TRUE
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Would a profit-maximizing firm continue to operate if the price in the market fell below its average cost of production in the short run?
What will be an ideal response?
Even if, on average, better-educated individuals can earn more money, all persons with more schooling will not necessarily have higher incomes
Indicate whether the statement is true or false
If an individual's supply of labor curve is positively sloped throughout, then
a. the substitution effect always dominates the income effect. b. the income effect always dominates the substitution effect. c. the substitution effect dominates at low real wage levels and the income effect dominates at high real wage levels. d. the income effect dominates at low real wage levels and the substitution effect dominates at high real wage levels.
When a shift in the aggregate supply curve is caused by a change in the price level, the aggregate demand curve also shifts
Indicate whether the statement is true or false