Answer the following statements true (T) or false (F)
1. Net income represents the accountant's version of after-tax profits
2. The long run average cost curve is also known as the planning curve.
3. The long run equilibrium of the firm under conditions of perfect competition will occur at that
output level where the product price is equal to both the firm's marginal and average total costs.
4. An isoquant reflects the combination of products that minimizes the cost of production.
5. The tangency between and iso-cost line and an isoquant represents the least cost combination of
two inputs
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
You might also like to view...
? Identify and state the historical significance of the Tripolitan War.
What will be an ideal response?
Predatory wasps prey on scale insects during their:
a. pupal stage c. adult stage b. larval stage d. egg stage
A hospital is interested in developing an instrument to measure the force exerted by the human finger. This instrument will be useful in the rehabilitation department. How will you approach the design of such an instrument? Identify the type of sensor used; explain its principle with a possible sketch. How will you proceed with the data acquisition and display concept?
What will be an ideal response?
For hot-mix, hot-laid asphaltic concrete mixtures, if the asphaltic content is specified as 5 to 7 percent, how is the optimum percentage determined?
What will be an ideal response?