In the first-order exponential smoothing model, the new forecast is equal to a weighted average of the old forecast and the actual value in the most recent period
a. true b. false
a
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A time-series graph showing total production in Japan from 1960 to 2010 shows a positive trend. It is the case that total production
A) fell every year between 1960 and 2010. B) rose every year between 1960 and 2010. C) was lower in 2010 than in 1960. D) was higher in 2010 than in 1960.
A company town in the lumber or mining industry is an example of a
A. bilateral monopoly. B. buyer's monopoly. C. monopoly. D. monopsony.
Refer to the information provided in Figure 8.6 below to answer the question(s) that follow. 
Figure 8.6 Refer to Figure 8.6. Curve 3 is Outdoor Equipment's
A. average fixed cost curve. B. average total cost curve. C. average variable cost curve. D. marginal cost curve.
Overexpansion can cause a perfectly competitive firm to ________.
A) earn economic profit B) produce at a quantity where the marginal revenue exceeds the firm's average total cost C) incur economic losses D) produce at a quantity where the market price exceeds the firm's average total cost