Which statement is false?
A. The MC always intersects the ATC at its minimum point.
B. The MC always intersects the AVC at its minimum point.
C. The MC always intersects the AFC at its minimum point.
D. None of these statements are false.
C. The MC always intersects the AFC at its minimum point.
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Assume that oranges and peaches can both be grown on the same type of land, a decrease in the price of peaches, other things being equal, will cause a(n):
a. upward movement along the supply curve for oranges. b. downward movement along the supply curve for oranges. c. rightward shift of the supply curve for oranges. d. leftward shift of the supply curve for oranges.
Under conditions of oligopoly, economies of large-scale production mean that: a. firms are able to sell all of the output they desire
b. it is difficult for a firm to determine its profit-maximizing price and output. c. large firms would find it more profitable to break up into smaller production units. d. small firms are at a disadvantage in competing with relatively large firms.
Mr. Paque is a bear hunter for timber companies that want to diminish damage to trees done by bears in the spring. Due to a reduction in the bear population between 1995 and 2005, Mr. Paque finds fewer bears each year and additional hours spent hunting produce fewer additional bears. This means that Mr. Paque’s (i) overall productivity has fallen; (ii) marginal product has fallen.
A. i and ii B. i not ii C. ii not i D. neither i nor ii
A data set is called an unbalanced panel if it has missing years for at least some cross-sectional units in the sample.
Answer the following statement true (T) or false (F)