The area below the demand curve and above the supply curve measures the producer surplus in a market

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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When the marginal revenue curve cuts the horizontal axis,

A) demand is relatively elastic. B) demand is relatively inelastic. C) demand is perfectly elastic. D) demand is unitary elastic.

Economics

The present value of a dollar received one year from now, given a current interest rate of 10%, is about

A. $.90. B. $.91. C. $1.00. D. $1.09.

Economics

A new domestic industry with potential economies of scale is called a(n):

A) potential business entrant. B) immature industry. C) infant industry. D) highly valued entrant.

Economics

The law of supply and the law of demand both rely on the concept of opportunity cost.

Answer the following statement true (T) or false (F)

Economics