In the short run, if average product is at its maximum, then average variable cost is at its minimum
Indicate whether the statement is true or false
TRUE
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Price ceilings have to be set above the undistorted market equilibrium price in order to have any impact.
Answer the following statement true (T) or false (F)
It is assumed in economics that people make decisions based upon
A) altruism. B) rational self-interest. C) tradition. D) governmental persuasion.
When negative externalities are present in a market, it means that:
A. social costs are less than external costs. B. private costs are less than social costs. C. private costs are less than external costs. D. external costs are equal to social costs.
Mergers resulting from the financial crisis of 2007-2009 have left what percentage of deposits in the hands of 4 banks?
A. 30% B. 40% C. 10% D. 60%