The flexibility of a firm's techniques of production is an important determinant of its costs.
Indicate whether the statement is true or false.
Answer: True.
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Logrolling creates a political market and campaign donations are the medium of exchange
a. True b. False
The marginal cost is the:
a. b and c. b. change in total cost as the quantity changes by one unit. c. change in total variable cost as the quantity changes by one unit. d. change in total fixed cost as the quantity changes by one unit. e. same as the fixed cost when average fixed cost is at a minimum.
Indirect stock ownership is used to hide information about actual stock ownership for purposes of income tax evasion
Indicate whether the statement is true or false
Everyone refers to Jerry as "Big Guy.". He is 6'4" tall and weighs 275 pounds (he says). It's probably closer to 300 pounds. Jerry loves hamburgers. He ate 4 of them at McDonald's one evening. He figured the last one was just worth the $1 price he paid. If his demand curve for hamburgers is downward sloping, then he
a. gained no consumer surplus because his demand curve is downward sloping b. would have gained consumer surplus if he had eaten one more hamburger c. gained consumer surplus on each of the four he consumed d. gained consumer surplus only on the first three hamburgers e. gained $1 consumer surplus on the fourth hamburger alone