If a firm increases output and its average total cost rises, then the firm is experiencing economies of scale
a. True
b. False
Indicate whether the statement is true or false
False
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When a monopolist chooses the level of output where marginal cost equals marginal revenue the price:
A. equals marginal revenue. B. equals average revenue. C. is lower than average revenue. D. is lower than marginal revenue.
The largest migration pattern in China at present is from urban centers to more rural areas to escape traffic and pollution
Indicate whether the statement is true or false
Who determines the size of the money supply in the U.S.?
A. the Federal Reserve B. the Federal Reserve and the banking system together C. the Federal Reserve and the Treasury Department together D. the Treasury Department
The difference between the amount a consumer is willing to pay and the amount they actually must pay for a good is called the: a. price elasticity of demand
b. substitution effect. c. consumer surplus. d. income elasticity of demand.