Transfer payments are included in the government budget deficit but not included in the government purchases component of GDP
a. True
b. False
Indicate whether the statement is true or false
True
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How does elasticity of supply differ for a product that can be stored, compared to a product that cannot be stored?
What will be an ideal response?
What do we mean by efficient production?
What will be an ideal response?
The permanent shut down point of a perfectly competitive firm, in the long run, is:
a. the minimum point of the AVC curve. b. the minimum point of the MC curve. c. the minimum point of the AR curve. d. the minimum point of the ATC curve. e. the minimum point of the AFC curve.
If in some production range average cost is rising, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.