Economics studies the logic of choices made from among available possibilities
a. True
b. False
Indicate whether the statement is true or false
True
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The U.S. trade deficit has been mainly caused by:
A. unfair trade restrictions imposed by other countries on imports. B. production of inferior goods in the U.S. C. cheap labor in other countries. D. a low rate of national saving.
Demand is perfectly inelastic when
A) shifts in the supply curve results in no change in price. B) the good in question has perfect substitutes. C) shifts of the supply curve result in no change in quantity demanded. D) shifts of the supply curve result in no change in the total revenue from the quantity sold.
Refer to Figure 13-4. What is the area that represents the total revenue made by the firm?
A) 0P0aQa B) 0P2cQa C) 0P1bQa D) 0P3dQa
Under perfect competition, at the profit-maximizing level of output:
a. price is greater than marginal revenue. b. price is equal to marginal revenue. c. marginal revenue is equal to zero. d. the marginal revenue curve is upward sloping. e. the average revenue curve is upward sloping.