The short-run supply curve for the perfectly competitive firm is that part of the marginal cost curve that lies above the average fixed cost curve
a. True
b. False
Indicate whether the statement is true or false
False
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"If the price of crude oil falls, the demand for gasoline will increase, so people will by more gas and the price of gas will go u
What will be an ideal response?
The major advantage of the corporation is
A. limited liability for owners. B. greater profit incentive than the other forms of business organization. C. lower taxes for owners, who are taxed only once. D. ability of owners to have hands-on management of the firm.
If the reserve ratio is 10 percent, $1,400 of additional reserves can create up to
a. $140 of new money. b. $14,000 of new money. c. $140,000 of new money. d. None of the above is correct.
Which of the following is true of two stage least squares estimators?
A. The two stage least squares estimator is equal to the instrumental variable estimator if R2 is equal to 1. B. The two stage least squares estimators are biased if the regression model exhibits multicollinearity. C. The two stage least squares estimators have lower variance than the ordinary least squares estimators. D. The two stage least squares estimators have large standard errors when R2 lies close to 0.