The flexibility of a firm's techniques of production is an important determinant of its costs.
Answer the following statement true (T) or false (F)
True
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Answer the following statement(s) true (T) or false (F)
1. The Prisoners' Dilemma game is another situation where the Invisible Hand Theorem is true. 2. The Axelrod study shows that "Tit-for-Tat" is a successful strategy for playing a repeated Prisoners' Dilemma game. 3. The Peltzman study shows consumers overall have benefited from the requirement that drug manufacturers prove the safety and effectiveness of their products. 4. Consumers will be better off when the government imposes minimum quality standards. 5. The Stigler and Friedland study shows that regulation always has significant effects on price, although those effects may be positive or negative.
If supply increases, then quantity demanded decreases
a. True b. False
In the short-run macro model, cyclical unemployment is caused by insufficient spending
a. True b. False
Intraindustry trade can lead to lower prices and job creation in both the exporting and the importing nation
Indicate whether the statement is true or false