We would expect the cross price elasticity of demand between digital cameras and film cameras to be positive
Indicate whether the statement is true or false
TRUE
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P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below. 
Given the information in this decision tree, if QRS-TV announces that it will air a sitcom, it can expect to:
A. lose $5 million. B. earn $20 million. C. earn $10 million. D. earn $5 million.
Economists proclaim that competitive firms make zero economic profit in the long run. This shows how
A) detached economists are from the real world. B) unrealistic economic theory is. C) firms cover all their cost, both monetary and non-monetary. D) firms cover only monetary cost when economic profits are zero.
When a product transformation curve is bowed outward, there are ________ in production
A) economies of scope B) economies of scale C) diseconomies of scope D) diseconomies of scale E) none of the above
Sweet Husks is a perfectly competitive corn farm. Currently, the expected price of an ear of corn is $0.40 and, at its current production level, Sweet Husks has a marginal cost of $.30 per ear. Which of the following is true regarding Sweet Husks?
A) Sweet Husks is maximizing expected profit. B) To maximize expected profit, Sweet Husks should increase production. C) To maximize expected profit, Sweet Husks should decrease production. D) The expected profit from producing another ear of corn is negative.