At the equilibrium point in a perfectly competitive industry, the total surplus (the sum of the consumer surplus and producer surplus) will be at its maximum
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
If a firm decides to ignore the reactions of its rivals to its policies, the appropriate model to analyze its behavior is
A. game theory. B. perfect competition. C. monopoly. D. cartels.
Within a game theory model, if a change in decision-making raises corporation A's profits by $100 and lowers corporation B's profits by $100, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.
Which of the following statements is most accurate about immigration in the 20th century?
a. The largest numbers of immigrants were during the "boom decades" like the 1920s, 1960s, and 1990s. b. The number of immigrants decreased from 1900 until the Great Depression, increased consistently between 1940 and 2000, and is now about the same as it was in 1900. c. Immigration was greatest during World War I and World War II as many people from around the world fled to the United States for safety. d. Immigration has decreased dramatically in the last 30 years as the federal government instituted more restrictions and cracked down on illegal immigration.
Which of the following is correct?
a. Economic development is more quantitative than economic growth. b. A country cannot achieve economic growth with a limited base of natural resources. c. Infrastructure is capital provided by the private sector. d. All of the above are true. e. All of the above are false.