A shortage occurs when price is higher than the market equilibrium.
Answer the following statement true (T) or false (F)
False
You might also like to view...
In Figure 16-2 above, the line BF is
A) the MPK less the user cost of capital. B) the user cost of capital less MPK. C) the MPK. D) the demarcation line for profitability.
Horizontal mergers involve firms in different industries
a. True b. False
The United States is the only country to face increasing inequality in their income distribution in the last several decades.
Answer the following statement true (T) or false (F)
For Elliot's dog-walking service, the only variable input is labor. Elliot's labor costs are $300 a day and his service walks 30 dogs per day. To walk 31 dogs per day, his labor costs increase to $305 a day. The marginal cost of walking that 31st dog is
A. $5. B. $9.83. C. $19.52. D. indeterminate from the information given.