The dominant strategy in the advertising dilemma is to advertise even if it reduces industry profits.
Answer the following statement true (T) or false (F)
True
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The phase in the business cycle in which real GDP declines is called a:
a. trendline. b. peak. c. recession. d. recovery. e. trough.
In the short run, if a firm's total variable cost curve lies everywhere above its total revenue curve, the firm should produce
a. the output level that minimizes average total cost b. the output level that minimizes average variable cost c. the output level that minimizes the distance between marginal cost and marginal revenue d. the output level that maximizes the distance between marginal cost and marginal revenue e. no output
Because of the owner's prejudice, a firm chooses to discriminate against hiring Oriental workers. Compared to an otherwise identical nondiscriminating firm hiring in the same competitive market, the discriminating firm will have
a. higher costs. b. lower profits. c. a lower quantity of labor supplied at every wage. d. All of the above are correct.
In a system of 100-percent-reserve banking,
a. banks do not make loans. b. currency is the only form of money. c. deposits are banks' only assets. d. All of the above are correct.