A study of actual business people showed that most believe their ATC curve is declining until production capacity is reached
Indicate whether the statement is true or false
T
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Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $30, producer surplus is
A) $0. B) $16. C) $52. D) $68.
________ policies refer to government programs designed to exploit natural comparative advantage by increasing production of a few export goods most closely related to a country's resource base
A) Comparative advantage B) Primary-export-led development C) Import-substitution development D) Inward-looking development
Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Coke's inverse demand function?
A. QC = (90 - 400PP) - 500PC B. PC = (0.18 + 0.8PP) - 0.002QC C. QC = (490 - 400PC) D. PC = (400 - 500QC)
The cross elasticity between two goods is 2.5 . These goods are:
a. perfect complements. b. imperfect complements. c. unrelated. d. substitutes. e. inferior.