Which of the following statements is false?
A) Marginal cost will equal average total cost when marginal cost is at its lowest point.
B) When marginal cost is greater than average total cost, average total cost will rise.
C) Marginal cost will equal average total cost when average total cost is at its lowest point.
D) When marginal cost is less than average total cost, average total cost will fall.
A
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If there are negative externalities that spill across governmental borders, this provides a justification for _____
a. private action b. larger governments c. smaller governments d. intergovernmental competition
The economy is undergoing a recession that has reduced consumers' incomes. In the computer chip market, this will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
The producer's surplus is equal to the difference between how much the seller can charge for a product and how much the consumer is willing to purchase it for
a. True b. False Indicate whether the statement is true or false
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 the above are correct.