A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is FALSE regarding the long run for a firm in monopolistic competition?
A) The firm makes zero economic profit. B) Price equals average total cost. C) Output is not produced at minimum average total cost. D) None of the above is a false statement.
Ray's Radios believed the synergies between radio production and battery production could be realized if he expanded. However, due to overseeing the battery expansion Ray devoted less time to the radio business leading to the radio unit costs increasing. Ray's Radios is experiencing
a. Economies of scale b. Economies of scope c. Diseconomies of scale d. Diseconomies of scope
From which of the following countries does the U.S. import the largest dollar value of goods?
a. Canada b. Mexico c. Great Britain d. Japan
Refer to the graph shown. When price rises from $30 to $40:
A. lost revenue is represented by areas C and E and gained revenue is represented by area A. B. gained revenue is represented by areas B, C, D, and E and lost revenue is represented by area A. C. gained revenue is represented by areas C and E and lost revenue is represented by area A. D. lost revenue is represented by areas B, C, D, and E and gained revenue is represented by area A.