At an output level of zero, total cost is zero.
Answer the following statement true (T) or false (F)
False
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The effect of a decrease in the price of personal computers, other things constant, is likely to be best represented by which of the following?
a. a leftward shift of the demand curve b. a movement leftward along the demand curve c. a rightward shift of the demand curve d. a movement rightward along the demand curve e. a rightward shift of the supply curve
To an economist, a decrease in supply means a: a. rightward shift of the supply curve
b. movement up along a supply curve. c. leftward shift of the supply curve. d. movement down along the supply curve.
Which of the following can serve as an entry barrier?
A. Legal restrictions B. Patents C. Control of scarce resources or inputs D. All of these responses are correct.
We typically call an external cost:
A. a network externality. B. a negative cost. C. a negative externality. D. a societal drain.