Variable costs increase when output rises
a. True
b. False
Indicate whether the statement is true or false
True
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Where does equilibrium occur in an income expenditure diagram? What would be the effect if production is at either on the left or right side of the equilibrium point?
What will be an ideal response?
Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering a cheap engagement ring to your bride d. Visiting the beauty salon before a big date
In Figure 1 below if the economy were at Y3 then we would expect there to be:
A. an increase in production since PAE < actual output.
B. an increase in production since PAE > actual output.
C. no change in production since PAE = actual output.
D. a decrease in production since PAE < actual output.
A modern economy has millions of goods and services whose prices are continually increasing and decreasing based on supply and demand.
Select whether the statement is true or false. A. True B. False