The prices at which goods trade are determined by their costs of production
Indicate whether the statement is true or false
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If a monopolistically competitive seller's marginal cost is $3.56, the firm will not change its output if
A) its marginal revenue is less than $3.56. B) its marginal revenue is equal to $3.56. C) its marginal revenue is more than $3.56. D) its average total cost is equal to $3.56. E) Both answers B and D are correct.
The practice of selling a product to retailers and requiring the retailers to charge a specific price for the product is called
a. fixed retail pricing. b. resale price maintenance. c. cost plus pricing. d. unfair trade.
Which of the following is an example of physical capital?
a. the available knowledge on how to make semiconductors b. a taxi-cab driver's knowledge of the fastest routes to take c. bulldozers, backhoes and other construction equipment d. All of the above are correct.
In 1973, ____ out of 7 Americans worked in manufacturing, but by 1996, just ____ in 7 did.
Fill in the blank(s) with the appropriate word(s).