Answer the following statements true (T) or false (F)
1) Only monopolies and dominant firms have market power.
2) When managers of monopolistically competitive firms solve for the profit maximizing quantity, they are determining the market quantity.
3) If a monopolistically competitive firm is producing 4,000 units of output and at this output level, the price is $18 and the average total cost is $8, it is not possible for the firm to be in long-run equilibrium.
4) If a monopolistically competitive firm is producing 2,000 units of output and at this output level, the price is $10 and the average total cost is $10, it is not possible for the firm to be in long-run equilibrium.
5) If a monopolistically competitive firm is producing 6,000 units of output and at this output level, the price is $15 and the average total cost is $15, it is possible for the firm to be in long-run equilibrium.
1) FALSE
2) FALSE
3) TRUE
4) FALSE
5) TRUE
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Degree of political participation seems to be __________.
A) higher in state-level societies than in small-scale societies B) higher in small-scale societies than in state-level societies C) high in small-scale societies and in modern nation-states, but low in between D) low in small-scale societies and in modern nation-states, but high in between
Subsistence is production of a basic level of resources only
a. True b. False
Horticulture refers to low-intensity farming that often uses slash-and-burn techniques to clear land
Indicate whether the statement is true or false.
The Middle Paleolithic refers to the stone tools of:
A. Homo habilis B. Homo erectus C. Homo neanderthalensis D. Homo sapiens