The industry indicated by the graphs below would be a(n):
A. Increasing-cost industry
B. Decreasing-cost industry
C. Constant-cost industry
D. Monopoly industry
B. Decreasing-cost industry
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Increases in the stock of capital are the result of decreases in
A) net investment. B) depreciation. C) gross investment. D) all of the above.
When the price of apples is $3 per bushel, and the quantity demanded is 1,000 bushels,
A) consumers need 1,000 bushels. B) consumers plan to purchase a total of 1,000 bushels. C) both A and B are true. D) none of the above is true.
Firms in a monopolistically competitive market follow the same MR = MC profit maximization rule used by firms in other market structures
a. True b. False
"Peak pricing" can often improve economic efficiency
a. True b. False Indicate whether the statement is true or false