Even though government-operated firms do not have to make a profit, they usually operate efficiently
Indicate whether the statement is true or false
False
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Business people often use “hunches” and intuition to make decisions regarding what to produce.
Answer the following statement true (T) or false (F)
An old friend takes you out to dinner and pays for your meal. Which of the following best represents your opportunity cost?
A) the amount of money you would have spent to pay for the dinner yourself B) the money your friend could have made buying a winning lottery ticket C) the money you could have made working overtime at your job D) Both A and C
The firm's long-run average total cost curve
a. intersects each short-run average total cost curve at its minimum point b. lies below its short-run average total cost curves at every output level c. lies above its short-run average total cost curves at every output level d. coincides with a small segment of its short-run average total cost e. touches each of the firm's short-run average total cost curves at the lowest points
A stock person who is laid off by a department store because retail sales across the country have decreased is _______ unemployed.
a. cyclically b. chronically c. structurally d. frictionally