The four criteria for economic integration include trade flows, capital flows, people flows, and the similarity of prices in separate markets
Indicate whether the statement is true or false
TRUE
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Suppose a restaurant that is highly profitable during the summer months is unable to cover its total cost during the winter months. If it wants to maximize profits, the restaurant should
a. shut down during the winter, even if it is able to cover its variable costs during that period. b. continue operating during the winter months if it is able to cover its variable costs. c. go a out of business immediately; losses should never be tolerated. d. lower its prices during the summer months.
Opportunity cost measures the trade-off between two goods that each producer faces
a. True b. False Indicate whether the statement is true or false
"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.". This relationship between price and quantity demanded
a. applies to most goods in the economy. b. is represented by a downward-sloping demand curve. c. is referred to as the law of demand. d. All of the above are correct.
When output is 50, fixed costs are $1,000, and variable costs are $2,000, what is the average total cost?
A. $20 B. $60 C. $40 D. $80