Every firm has to bear its fixed costs even when it produces nothing
a. True
b. False
Indicate whether the statement is true or false
True
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As disposable income increases, consumption
A. decreases. B. may either increase or decrease depending on the MPC. C. increases. D. may either increase or decrease depending on the wealth effect.
Low demand consumers are indifferent between second degree and first degree price discrimination.
Answer the following statement true (T) or false (F)
California voters and legislators frequently debate about the true cost of water in the course of trying to establish state policy to govern the use of water. The issue is confusing because
A) all water is ultimately a free gift of nature. B) the cost of water is infinite. C) water in itself, considered simply as a chemical compound, cannot be assigned any specific cost. D) we cannot settle a question that is entirely a matter of opinion.
Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the equilibrium quantity of wapanzo beans will be
A) 2 million pounds. B) 4 million pounds. C) 6 million pounds. D) 8 million pounds.