Firms should shut down in the short run whenever price is less than the average total cost
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is included in GDP?
a. life expectancy b. literacy c. health d. infant mortality
Which of the following is not one of the four factors that affects the intensity of competition in Porter's Five Forces Model:
Intensity of competition The bargaining power of buyers The bargaining power of suppliers The threat of new entrants
As a firm moves from a competitive industry to a monopoly:
A. average revenue falls and profits rise. B. its profits rise. C. its profits fall. D. marginal costs rise and profits fall.
Each point on a production possibilities curve shows ____________ .
a. efficient utilization of resources. b. underutilization of resources. c. the potential for future growth. d. the relationship of shortage to scarcity.