Which of the following statements is not true?
a. When consumers purchase more of one good, they are giving up the ability to buy as much of other goods.
b. When consumers choose to take more leisure time, they are giving up the ability to consume as much as before.
c. Consumers face consumption tradeoffs because they have limited income
d. Consumers face consumption tradeoffs because they have limited preferences for goods.
d
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Inaccurate prediction generally invalidates the use of theory in economics.
Answer the following statement true (T) or false (F)
Because a monopolistically competitive firm has some market power, in the long-run the price of its product exceeds its
a. average revenue. b. average total cost. c. marginal cost. d. None of the above is correct.
If a tax is placed on perfectly competitive firms that impose external costs on society, the firm's marginal cost curve will shift ________ and the industry supply curve will shift to the ________.
A. up; left B. down; right C. down; left D. up; right
Describe the graph for a long-run supply curve in an increasing-cost industry. Why does it have this slope?
What will be an ideal response?