Marginal profit is positive at all positive output levels.
Answer the following statement true (T) or false (F)
False
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Refer to the above figure. Unexpected contractionary monetary policy has caused the aggregate demand curve to shift to AD2. In the short run
A) the unemployment rate will be larger than the rate before the contractionary monetary policy. B) the unemployment rate will be smaller than the rate before the expansionary monetary policy. C) the unemployment rate will be the same rate as before the expansionary monetary policy. D) the unemployment rate can increase or decrease depending upon how much the LRAS will shift.
A cost paid in money is
A) not an opportunity cost. B) an implicit cost and an opportunity cost. C) an explicit cost and an opportunity cost. D) not an accounting cost. E) an explicit cost but not an opportunity cost.
When computing p-values, population variation matters.
Answer the following statement true (T) or false (F)