The long-run average total cost curve of a firm envelops many short-run average total cost curves
a. True
b. False
Indicate whether the statement is true or false
True
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Real estate in San Francisco that sold for $16 before gold was discovered in California was valued at $4,500 eighteen months later, as a result of the gold rush
Indicate whether the statement is true or false
When the implicit cost of capital is positive, then the:
a. firm's accounting profit will be less than its economic profit. b. firm's economic profit will be less than its accounting profit. c. firm's explicit costs will be zero. d. firm is incurring no opportunity costs
All of the following are possible funding sources for the government EXCEPT
A) user charges. B) taxes. C) earnings from investing in company stock shares. D) borrowing.
If price declines from $450 to $350 and, as a result, quantity demanded rises from 1200 to 1500, price elasticity of demand is:
A. 1.78. B. 0.89. C. 3.42. D. 1.12.