X-inefficiency refers to the situation in which firms with market power are operating in the upward-sloping segment of their long-run average cost curve
Indicate whether the statement is true or false
FALSE
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Refer to the above table. If an economy's current per capita real GDP is $3,000, and if its economy grows at an constant annual rate of 5 percent for 50 years, what will be its per capita real GDP at the end of that period?
A) $21,330 B) $34,500 C) $55,200 D) $13,140
A pizza parlor's rent is
A) sunk in the long run. B) fixed in the long run. C) avoidable in the short run. D) variable in the short run.
A good example of _______ is the merger between a steel firm and an ice cream firm
a. a horizontal merger b. a vertical merger c. a conglomerate merger d. either a horizontal or vertical merger, depending on whether the oligopoly is balanced or unbalanced e. either a horizontal or vertical merger, depending on the market shares of the two companies
The marginal cost of serving an additional user of a public good is zero
a. True b. False Indicate whether the statement is true or false