If you have a choice between studying and doing another activity, you will devote your time to studying as long as the additional benefit of studying is greater than the additional cost of studying
a. True
b. False
Indicate whether the statement is true or false
True
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The cross elasticity of demand for substitutes is always positive
Indicate whether the statement is true or false
The telephone industry operates under TELRIC pricing for access
Indicate whether the statement is true or false
When an input represents a larger proportion of a firm's total costs, then
A) demand for the input will tends to be less elastic. B) the input demand will not vary significantly with a change in input price. C) the usage of the input cannot be varied in the production function. D) demand for the input will tends to be more elastic.
Using a graph, show the effects of a negative externality. Where is the socially optimum point of output? How can it be achieved?
What will be an ideal response?