Private income and wealth completely determine how many goods and services one consumes
Indicate whether the statement is true or false
F
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Suppose that a city law requires taxi drivers to wear tuxedos. The drivers must pay $10 per week for the tuxedos. Taxicab companies pay their drivers $210 per week. After paying for the tuxedos, taxi drivers earn $200 per week.
(i) If the law were revised so that taxicab companies, not the drivers, must pay for the tuxedos, what would happen to the taxi drivers' earnings? (ii) If the law were repealed, what would happen to the taxi drivers' earnings? Be as specific as possible.
Explain what economists mean when they apply the rationality assumption
What will be an ideal response?
A firm's average fixed cost curve can never be U-shaped, even if its other average cost curves are U-shaped
a. True b. False Indicate whether the statement is true or false
In order to see how much production has increased, we need to extract the effects of lower prices on nominal GDP.
Select whether the statement is true or false. A. True B. False