A monopolistically competitive firm operates on the ____ of their average total cost curve, where marginal cost is ____ average total cost
a. declining portion; above
b. rising portion; above
c. rising portion; below
d. declining portion; below
d
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In order to get his bachelor's degree, Timothy gave up an offer for a full time job as a bartender. Therefore, Timothy incurred an opportunity cost
Indicate whether the statement is true or false
The difference between a specific tariff and an ad valorem tariff is that a specific tariff
a. is a set amount of money per unit of a product, while an ad valorem tariff is a set percentage of product price b. is a set percentage of product price, while an ad valorem tariff is a set amount of money per unit of a product c. names a particular good to which the tariff applies, while an ad valorem tariff applies to large classes of products d. applies only to imports, while an ad valorem tariff applies only to exports e. sets a strict quota limit on the amount one individual can purchase, while an ad valorem tariff sets no such limit
A Pareto improvement is any action that makes everyone better off
a. True b. False
After September 11, 2001, a small group of economists argued that the economy’s self-correcting mechanism would work to counteract the recessionary effects of the attack.
Answer the following statement true (T) or false (F)