Since 1960, per capita real GDP in the United States has nearly tripled.
Answer the following statement true (T) or false (F)
False
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An indifference curve diagram has movies on the vertical axis and sodas on the horizontal
As the consumption of sodas increases and movies decreases (moving southeast along an indifference curve) the marginal rate of substitution of sodas for movies A) rises. B) falls. C) does not change. D) probably changes, but more information is needed to determine if it rises or falls.
For a perfectly competitive firm with a known marginal cost and random demand, as the expected marginal revenue decreases, the profit-maximizing quantity ________.
A) decreases B) increases exponentially C) does not change D) increases
Which of the following is NOT a necessary condition for a firm to price discriminate?
A. The firm must be a price-taker. B. Resale of the product must be preventable. C. Buyers in different markets must have different elasticities of demand. D. The firm must be able to separate markets.
The loss of utility associated with an inferior mix of output because of poorly designed regulations is known as regulation costs.
Answer the following statement true (T) or false (F)