The fastest growing productivity increases in the United States have occurred in the personal services sector
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the figure above. What is the producer surplus before Lithasia opens up to free trade?
A) $6 B) $12 C) $18 D) $24
If you have a choice between studying and doing another activity, you will devote your time to studying as long as the additional benefit of studying is greater than the additional cost of studying
a. True b. False Indicate whether the statement is true or false
Economic models start with the assumption of
a. exogenous prices. b. the laws of supply and demand. c. equilibrium. d. rational behavior.
The demand curve faced by a monopolistically competitive firm is more elastic than the monopolist's demand curve.
Answer the following statement true (T) or false (F)