A firm's average fixed cost curve can never be U-shaped, even if its other average cost curves are U-shaped
a. True
b. False
Indicate whether the statement is true or false
True
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A monopolist has demand and cost curves given by:
QD = 1000 - 2P TC = 5,000 + 50Q a. Find the monopolist's profit-maximizing quantity and price. b. Find the monopolist's profit.
Which of the following is not one of the fundamental economic questions all societies must face? a. What goods and services are to be produced?
b. How goods and services are to be produced? c. Which goods and services are to be produced by the government? d. Who is to receive the goods and services produced in the society?
Lindsay and Tim are playing the ultimatum game starting with $100 . Based on the coin toss, Lindsay is the player to propose a division of the $100 . If Lindsay acts as economic theory assumes and Tim acts as experimental evidence shows, Tim will
In 2007 and 2008, the sharp increase in the price of soybeans reflected primarily
A. the increased demand for corn needed to produce ethanol. B. an unseasonably warm spring in the soybean-producing states of Indiana, Illinois, and Iowa. C. government cash subsidies to soybean producers per ton harvested. D. increased use of advanced fertilizers by soybean producers.