Government production accounts for about half of all GDP in the United States
a. True
b. False
Indicate whether the statement is true or false
False
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For a firm in monopolistic competition to undertake product development, the marginal cost of the development must be ________ the marginal benefit of the development to consumers
A) greater than B) less than C) not comparable to D) equal to or less than E) None of the above because a monopolistically competitive firm undertakes product development if the marginal cost of the development is less than or equal to the marginal revenue to the firm from the development.
The existence of economies of scale can create ________
A) a natural monopoly B) a government monopoly C) a legal monopoly D) a market in which many firms make identical products
When average cost is greater than marginal cost, marginal cost must be
a. rising. b. falling. c. constant. d. The direction of change in marginal cost cannot be determined from this information.
A(n) ________ is literally a go-between, who tries to speed up the process of negotiations, but does not have the power to impose a settlement.
A. arbitrator B. mediator C. None of the choices are correct.