If marginal cost is less than average cost, average cost must fall when more units are produced.
Answer the following statement true (T) or false (F)
True
You might also like to view...
A general formula for the multiplier is 1/(1-MPS)
Answer the following statement(s) true (T) or false (F)
A correct formula (dropping all minus signs) for the calculation of the elasticity of demand between point Q1, P1 and point Q2, P2 is
A. [(P2? P1)/(P2 + P1)]/[(Q2? Q1)/(Q2 + Q1)]. B. [(P2? P1)/P1]/[(Q2? Q1)/Q1]. C. [(Q2? Q1)/(Q2 + Q1)]/[(P2? P1)/(P2 + P1)]. D. [(Q2? Q1)/Q2)]/[(P2? P1)/P2].
The price system eliminates scarcity
a. True b. False Indicate whether the statement is true or false
If there is no single strategy that is best regardless of other players' behavior:
A. the dominant strategy will be to defect. B. there is no dominant strategy. C. a noncooperative equilibrium is the only possible outcome. D. the game is called a Prisoners' dilemma.