All business firms should consider their fixed costs in determining the prices they set
a. True
b. False
Indicate whether the statement is true or false
False
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According to the total revenue rule, if the coefficient of price elasticity of demand is less than 1 and if price goes
a. up, total revenue stays the same. b. down, total revenue goes up. c. down, total revenue goes down. d. up, total revenue goes down.
If your income goes up by 2% and, in response, the quantity demanded of good x falls by 3%, the good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
Which of the following is correct?
a. Economic fluctuations are easily predicted by competent economists. b. Recessions have never occurred very close together. c. Spending, income, and production do not fluctuate closely with real GDP. d. None of the above is correct.
The last year we did not have a deficit in our current account was
A. 1960. B. 1973. C. 1986. D. 1991.