According to the United Nations, the largest expected growth in population for the coming decades will occur on which continent?
A. South America
B. North America
C. Africa
D. Europe
Answer: C
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The shutdown rule for a firm in a perfectly competitive industry is that the firm should cease production if
A) P < MC. B) P < ATC. C) P < AVC. D) P < AFC.
When the price of a product increases, the marginal revenue product curve in a perfectly competitive market
A. shifts to the left. B. shifts to the right. C. becomes flatter. D. does not change.
If the exchange rate changes so that more Mexican pesos are required to buy a dollar, then:
A. the peso has appreciated in value. B. Americans will buy more Mexican goods and services. C. more U.S. goods and services will be demanded by the Mexicans. D. the dollar has depreciated in value.
If increasing returns to scale are present, the long-run average cost increases as more output is produced
Indicate whether the statement is true or false