A change in one input price will cause the slope of the firm’s budget line to change.
Answer the following statement true (T) or false (F)
True
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In the above figure, the firm is a monopolistically competitive firm. In the long run, its economic profit will be
A) zero. B) between zero and $50 per day. C) greater than $50 per day. D) some amount that cannot be determined without more information.
It is enough to show just that the poor have different behavior to confirm the culture of poverty hypothesis
Indicate whether the statement is true or false
Define the following terms briefly and concisely and indicate their importance to the study of economics
a. entrepreneurship b. investment c. capital d. innovation e. discounting
Taken collectively, people in nations that engage in international trade are not likely to:
A) consume more than they were able to consume in the absence of trade. B) increase their standards of living. C) gain from lower opportunity costs of production. D) be made worse off.