As long as TVC < TR, a firm will have a positive level of output in the short run
a. True
b. False
Indicate whether the statement is true or false
True
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An increase in real net exports leads to an increase in real GDP. Further
A) real consumption spending increases while real investment spending decreases. B) real government spending decreases to offset the increase in real net exports. C) real consumption spending and real saving increase. D) real consumption spending increases but real saving does not change.
The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the
A) income elasticity of demand. B) cross elasticity of demand. C) price elasticity of demand. D) price elasticity of supply. E) cross income elasticity of demand.
A defined-benefit pension
A) determines benefits by contributions and their earnings. B) fixes benefits in advance. C) links benefits to investment performance. D) fixes benefits paid out for a limited number of years.
Which of the following is heavily subsidized by state and local governments?
A) Medicare B) Social Security C) public education D) food stamps