Real GDP per capita in the United States grows over time.
Answer the following statement true (T) or false (F)
True
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Start-up costs:
A. have no impact on the number of firms in an industry because they are sunk costs. B. are the one-time costs incurred when beginning the production of a new product. C. are inversely related to variable costs. D. are always greater than marginal costs.
An efficient allocation of goods in an exchange economy means that
A) goods were produced by the most efficient technology available. B) no one can be made better off without making somebody else worse off. C) those made worse off are not hurt as badly as the benefits resulting from those made better off. That is, there is a net positive gain. D) in a particular production process one gets the maximum output for a given input.
When other nations Orient "dump" products on the U.S. market, they
a. sell at prices that do not cover costs of production. b. sell at prices lower than prices charged to their own domestic customers. c. expect the United States to help pay any industrialists' losses. d. All of the above are true.
When a price control pushes the price of a good or resource below the market equilibrium, then
What will be an ideal response?