If the demand for opera singers increases faster than the supply, wages will rise
a. True
b. False
Indicate whether the statement is true or false
True
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Economists argue that:
a. accounting costs consider all types of costs including implicit costs b. there is an opportunity cost associated with all decisions. c. economic decisions do not have opportunity costs but other decisions do. d. economic decisions should consider sunk costs
If the demand for a product increases in an increasing cost industry, as the market adjusts in the long run:
a. price will rise. b. the firm's per-unit cost will increase. c. the firm's per-unit cost will fall. d. the market price will return to its initial position.
When a business has been profitable and needs to invest, its preferred method of financing will likely be
a. plowback. b. stock issue. c. bond sales. d. equal issues of stocks and bonds.
If the economy is in long-run equilibrium, the actual unemployment rate is less than the natural unemployment rate
Indicate whether the statement is true or false