When economists speak of a firm's costs, they are usually excluding the opportunity costs
a. True
b. False
Indicate whether the statement is true or false
False
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As shown in Figure 7-4, an autonomous decline in expectations of future profitability causes the
a. IS schedule to shift to the left. b. IS schedule to shift to the right. c. LM schedule to shift to the right. d. LM schedule to shift to the left.
If the government imposes a price floor above the market equilibrium price, then:
a. b and e. b. there will be excess supply. c. there will be excess demand. d. consumers will benefit. e. producers will benefit.
The sole proprietor faces a disadvantage of limited liability
Indicate whether the statement is true or false
If the interest rate is 5 percent, then receiving $1,000 eight years from now is worth more than receiving $700 today
a. True b. False Indicate whether the statement is true or false