Perfectly competitive firms will sometimes operate even though they incur an economic loss in the short run
Indicate whether the statement is true or false
TRUE
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The demand for computers has risen dramatically at the same time that the unit cost of production has decreased. As a result, we can expect
A. a decrease in price and no predictable impact on output. B. a definite decrease in price and increase in output. C. an increase in output with no predictable change in price. D. no predictable changes in either price or output.
Bill is working as the only employee at a local store. The relation between Bill and the owner of the store is such that Bill is ________ and the owner is ________
A) the agent; the principal B) both principal and agent; neither a principal nor an agent C) neither a principal nor an agent; both principal and agent D) the principal; the agent
In the 1980s national savings declined as a percentage of GDP. Assuming that domestic private investment's percentage share has not declined, this situation requires, ceteris paribus,
A) net foreign investment (NX) to decrease. B) net foreign investment (NX) to increase. C) U.S. exports to decrease. D) A and C are both necessary outcomes.
Oligopolists may charge a price lower than the profit maximizing price to discourage new firms from entering a market
a. True b. False Indicate whether the statement is true or false