An inefficient firm has costs that are higher than the quality of its product warrants.
a. true
b. false
a. true
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Refer to Figure 16-8. In the graph above, suppose the economy in Year 1 is at point A and is expected in Year 2 to be at point B. Which of the following policies could Congress and the president use to move the economy to point C?
A) decrease government purchases B) increase income taxes C) sell Treasury bills D) increase government purchases
For firms that sell one product in a perfectly competitive market, average revenue will:
A. decrease if marginal revenue is greater than it. B. increase if marginal revenue is greater than it. C. always be the same as marginal revenue. D. always be greater than average total cost.
_____ goods are rivalrous in consumption and nonexcludable
Fill in the blank(s) with the appropriate word(s).
Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says "I'll take 10 lottery tickets," and Barb says "I'll take $10 worth of lottery tickets.". What is each person's price elasticity of demand for lottery tickets?