For a given quantity, the total profit of a perfectly competitive firm is equal to the vertical distance between the firm's total revenue curve and its total cost curve
Indicate whether the statement is true or false
TRUE
You might also like to view...
The commodity substitution bias is that
A) consumers substitute high-quality goods for low-quality goods. B) government spending is a good substitute for investment expenditures. C) national saving and foreign borrowing are interchangeable. D) consumers decrease the quantity they buy of goods whose relative prices rise and increase the quantity of goods whose relative price falls.
The figure above shows Sam's budget line. Which of the following combinations of gasoline and coffee are not available to Sam?
A) 40 gallons of gasoline and 0 pounds of coffee B) 32 gallons of gasoline and 4 pounds of coffee C) 8 gallons of gasoline and 8 pounds of coffee D) 16 gallons of gasoline and 16 pounds of coffee
Aggregate private spending is unstable according to policy activists, primarily because
A) consumer non-durable spending is volatile. B) private residential and non-residential investment is volatile. C) government spending is volatile. D) the money supply is unstable.
If a six-sided die is rolled 90,000 times and a number five appears 15,000 times, the relative frequency of the number five appearing is ________.
A) 15,000 B) 90,000 C) 0.167 D) 5