Average total cost and marginal cost express information that is already contained in a firm's total cost
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the scenario above. Which country has the highest income per capita in PPP dollars?
A) Country 1 B) Country 2 C) Country 3 D) Country 4
Refer to Figure 3.1. A Nash Equilibrium occurs where
A) Homer confesses to committing the crime and Marge denies committing the crime. B) Marge confesses to committing the crime and Homer denies committing the crime. C) Homer and Marge both confess to committing the crime. D) Homer and Marge both deny committing the crime.
Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 and that a student's beverage budget is $20 per week. What is the market tradeoff between coffee and tea?
a. 1 coffee to 1 tea b. 2 coffee to 1 tea c. 1 coffee to 2 tea d. 2 coffee to 2 tea
The demand for hamburger buns is known to be elastic. This means that if the price of the product increases,
A. total revenue will rise. B. total revenue will stay the same. C. the quantity demanded will rise. D. total revenue will fall.