When a firm is operating at its minimum efficient scale, its short-run average total cost of production is minimized
a. True
b. False
B
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Which of the following will happen if consumption in an economy falls?
A) Firms' revenue fall. B) Labor supply falls. C) Mortgage defaults fall. D) Asset prices rise.
One difference between oligopoly and monopolistic competition is that
A) a monopolistically competitive industry has fewer firms. B) in monopolistic competition, the products are identical. C) monopolistic competition has barriers to entry. D) fewer firms compete in oligopoly than in monopolistic competition.
Empirical evidence shows that the impact of government budget deficits and surpluses on the equilibrium interest rate is quite large
Indicate whether the statement is true or false
Refer to the scenario above. If this game is repeated several times, Beth will ________ and Charles will ________
A) not trust; defect B) trust; defect C) trust; cooperate D) not trust; cooperate