In the short run, fixed costs are irrelevant in determining a firm's optimal level of output.
Answer the following statement true (T) or false (F)
True
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Andrew Carnegie dominated the steel industry on the basis of the Bessemer converter. This technology permitted unskilled men to produce large quantities of steel at relatively low costs. This technology was
(a) invented by Carnegie. (b) stolen from the British inventor Bessemer. (c) acquired legally from the British inventor Bessemer. (d) imported from Germany.
Given the value of marginal product of labor, the higher the wage rate, the higher the number of workers employed
Indicate whether the statement is true or false
The firm's short run is defined by the time that it can
a. use up the current stock of raw materials b. make a profit-maximizing production decision c. recover all of the fixed costs d. begin earning positive profit e. change some but not all resources
A duopoly is a form of oligopoly with two firms
a. True b. False Indicate whether the statement is true or false