Profit maximization occurs when MC = MR
a. True
b. False
Indicate whether the statement is true or false
True
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Average fixed cost
A) does not change as total output increases or decreases. B) varies directly with total output. C) falls continuously as total output expands. D) rises as the output is expanded.
The infant industry argument for protectionism suggest that an industry must be protected in the early stages of its development so that: a. firms will be protected from subsidized foreign competition
b. domestic producers can attain the economies of scale to allow them to compete in world markets. c. there will be adequate supplies of crucial resources in case they are needed for national defense. d. domestic unemployment will be reduced.
If an increase in quantity demanded of a product reduces the quantity demanded of another, then the two goods are said to be substitutes
a. True b. False Indicate whether the statement is true or false
The CPI in the base year is always equal to 100
Indicate whether the statement is true or false