The De Beers Diamond company is not worried about differentiating its product from all other gemstones
a. True
b. False
Indicate whether the statement is true or false
False
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Answer the following statement(s) true (T) or false (F)
1. All cost increases are passed on to a firm's customers in the form of higher prices. 2. Higher fixed costs may cause a firm to shut down its operations but will not otherwise affect its production and pricing decisions. 3. Either a rise in marginal cost or a fall in marginal revenue could cause a firm to reduce its output. 4. Higher fuel costs would cause a delivery firm to raise the price it charges. 5. Higher insurance costs would cause a delivery firm to raise the price it charges.
Answer the following statement(s) true (T) or false (F)
1. The marginal cost of producing tea can be measured in dollars per pound of tea. 2. A firm's revenue can be calculated from its demand curve using the formula "price times quantity." 3. Fixed costs have no effect on a firm's profit. 4. Profits will be positive as long as marginal revenue is greater than marginal cost. 5. If marginal cost exceeds marginal revenue, then a reduction in output will create higher profits.
The Federal Deposit Insurance Corporation
a. has eliminated bank failures b. insures all demand deposits without limit c. insures a person's demand deposits in any bank up to $100,000 d. insures a person's demand deposits in any bank up to $10,000 e. insures a person's savings and loan deposits in any S&L institution up to $100,000
Which of the following are examples of nonwage determinants of labor supply?
a. current wealth status b. environment of the workplace c. status of the position d. all of the above are examples of nonwage determinants of labor supply