A price above equilibrium always yields a surplus.
Answer the following statement true (T) or false (F)
True
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According to the table below, at what level of output is marginal cost minimized?QFCVC01,0000201,000350501,000700901,0001,0501251,0001,4001451,0001,7501601,0002,100
A. 160 B. 90 C. 50 D. 125
If a perfectly competitive firm is producing a rate of output at which MC exceeds price, then the firm
A. Can increase its profit by increasing output. B. Can increase its profit by decreasing output. C. Is maximizing profit. D. Must have an economic loss.
According to the law of supply
A. people buy less of a good when the price decreases. B. producers provide more of a good when the price decreases. C. people buy more of a good when the price increases. D. producers provide less of a good when the price decreases.
Refer to the information. The total cost of producing 3 units of output is:
The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question.
A. $65.
B. $105.
C. $145.
D. $185.