A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average variable cost curve
a. True
b. False
Indicate whether the statement is true or false
False
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Cooperation in an infinite game
A. is impossible. B. is possible if grim strategies are used. C. is guaranteed. D. is possible if no one cares about the future.
The best definition of inflation is a(n):
a. temporary increase in prices. b. increase in the price of one important commodity such as food. c. persistent increase in the general level of prices as measured by a price index. d. increase in the purchasing power of the dollar.
Fiscal policy is the set of policies that relate to federal government spending, taxation, and borrowing.
Select whether the statement is true or false. A. True B. False
What do economies of scale, the ownership of essential raw materials, and patents have in common?
A. They are all barriers to entry. B. They all help explain why the long-run average cost curve is U-shaped. C. They all help explain why a monopolist's demand and marginal revenue curves coincide. D. They must all be present before price discrimination can be practiced.