The ratio of trade to GDP for the U.S. has roughly tripled since the 1960s
Indicate whether the statement is true or false
TRUE
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If the market price is above a firm's average cost at the quantity produced
A) the firm operates and makes a profit. B) the firm operates and make zero economic profit. C) the market price of the firm's inputs will rise. D) total profit is maximized.
Overhead costs are identical to fixed costs
a. True b. False Indicate whether the statement is true or false
Which of the following is an advantage of mini-mills over vertically integrated giant mills?
a. The small size of mini-mills ensures economies of scale in steel production. b. The small furnaces used in mini-mills depend less on coal and more on electricity. c. The mini-mills do not require integration of casting and milling activities. d. The small furnaces used by mini-mills can be operated as per the producer's will.
Corporate managers and stockholders usually have the same goal of maximizing profit
Indicate whether the statement is true or false