In the case study discussed in the chapter, the electronics firm was losing money by selling its calculators at a price that was below average cost
a. True
b. False
Indicate whether the statement is true or false
False
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The difference between producer surplus and profit is always the associated
A) opportunity costs. B) total costs. C) variable costs. D) fixed costs.
Whenever an input makes up a large percentage of a good's final cost, an increase in that input's price will
A) affect total cost relatively more. B) not affect total revenues. C) affect only accounting profits. D) cause the firm to shutdown.
If the Fed reduces its discount rate, the problem being addressed is more likely to be inflation than recession
Indicate whether the statement is true or false
For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity
a. True b. False Indicate whether the statement is true or false