Assume that price exceeds average variable cost over the relevant range of demand
If a monopolistically competitive firm is producing at an output where marginal revenue is $111.11 and marginal cost is $118, then to maximize profits the firm should increase its output.
FALSE
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Workers earn less than half of the income generated by the production process.
Answer the following statement true (T) or false (F)
Refer to the table above. Laborland has a(n) ________ advantage in ________ shoes
A) comparative; stitching B) absolute; designing C) absolute; stitching D) comparative; both designing and stitching
If firms in a competitive market are identical, the long-run market supply curve is horizontal
Indicate whether the statement is true or false
What information will police applicants not need to furnish during recruitment?
A) drug history B) criminal activity C) political affiliation D) past traffic violations