Average variable costs fall continuously as quantity of output rises.
Answer the following statement true (T) or false (F)
False
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A price maker is a firm that:
A) has the power to affect the price of the product it sells. B) earns economic profits in both the short run and the long run. C) can sell any quantity of its product at the prevailing market price. D) sells its products at a price equal to the marginal cost of production.
What are sticky prices, and how can contracts make them "sticky"?
What will be an ideal response?
When the parties to a deal have access to different information:
A. markets will be efficient. B. parties will voluntarily share information truthfully in order to achieve efficiency. C. markets may fail to exist in such cases. D. parties will blindly trust one another.
Which of the following is true about U.S. energy consumption and per capita real GDP since 1988?
A. Per capita energy consumption and per capita real GDP have both risen. B. Per capita consumption of energy has been relatively constant, while per capita real GDP has risen. C. Per capita energy consumption and per capita real GDP have both fallen. D. Per capita energy consumption has fallen, while per capita real GDP has risen.