Using assumptions to make things simpler and focus attention on what really matters is like using a road map to plan a trip.
Answer the following statement true (T) or false (F)
True
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In the long-run, a perfectly competitive firm will leave the market if it is unable to cover all of its fixed costs
a. True b. False Indicate whether the statement is true or false
If the demand curve for a product is vertical, then
a. consumers will refuse to bear any share of tax burden. b. producers will bear the larger share of the tax burden. c. consumers will bear the entire tax burden. d. producers and consumers will equally share the tax burden.
Marginal utility can be:
A) positive, but not negative B) positive or negative, but not zero. C) positive, negative, or zero. D) decreasing, but not negative.
Which of the following is NOT an asset of a bank?
A. transaction deposits B. total reserves C. cash D. loans