Either OR Decision
What will be an ideal response?
- Choose A if (MBa - MCa) > (MBb-MCb)
- If MB's =, choose one with lowest MC
- If MC's =, choose one with highest MB
- "Mutually Exclusive" (new book vs. old)
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Because of the number of firms in monopolistic competition,
A) each firm has a large market share. B) it is possible for the firms to collude. C) no one firm can dominate the market. D) one firm has the ability to dictate market conditions. E) each firm must carefully monitor what its competitors do.
According to the circular flow model, an increase in spending by businesses on productive resources would cause the income and spending of consumers to increase
Indicate whether the statement is true or false
Which of the following will cause the average fixed cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker B) a $1 per pack tax on cigarettes C) a $3 per hour wage increase D) an increase in the demand for cigarettes
Opportunity cost is a theoretical concept with no practical application.
Answer the following statement true (T) or false (F)