In the short run, a firm has fixed costs but never any variable costs
a. True
b. False
Indicate whether the statement is true or false
False
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In the U.S., health and Medicare account for _____ of all federal spending
a. 29% b. 24% c. 17% d. 6%
What does the term "marginal change" mean?
Price ceilings keep market price
A. above the equilibrium price and create surpluses. B. above the equilibrium price and create shortages. C. below the equilibrium price and create surpluses. D. below the equilibrium price and create shortages.
A local transit authority charges $1 for a bus ride. An economics study suggests that in the price range from $0.50 to $1.50, the elasticity of demand for bus trips is 1.2. To increase its revenue, the transit authority should
A. leave the fare as it is. B. charge $1.20. C. lower the fare. D. raise the fare.