If marginal benefit is greater than marginal cost for the production of cars, to reach the allocative efficient quantity of cars, the production of cars must be increased
Indicate whether the statement is true or false
TRUE
Economics
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When calculating the arc elasticity of demand, the percentage change in price (quantity) should be based on the average of the starting and ending prices (quantities)
Indicate whether the statement is true or false
Economics
Which graph in the above figure best represents a good that is an inferior good at some income levels, and a normal good at other income levels?
A) Graph A B) Graph B C) Graph C D) Graph D
Economics
Microeconomics is concerned with individual performance as well as the economy as a whole.
Answer the following statement true (T) or false (F)
Economics
Concentration of firms in a particular region is likely to attract skilled labor to that area
Indicate whether the statement is true or false
Economics