All else constant, an increase in the price of a good will cause the quantity supplied to increase
Indicate whether the statement is true or false
TRUE
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"Fluctuations in exchange rates, other things remaining the same, creates a situation in which money buys the same amount of goods and services in different currencies
" What does the previous statement describe? Will these fluctuations occur in the short run or the long run?
Accounting profit is the sum of a firm's revenue and its opportunity costs
Indicate whether the statement is true or false
One problem with constructing a perfectly complete realistic economic model is that
A) it would be too simplistic to have any value. B) it would be far too complicated to analyze. C) politicians see little value in such a model. D) None of the above is true.
Which of the following are implicit costs for a typical firm?
a. Insurance costs. b. Electricity costs. c. Opportunity costs of capital owned and used by the firm. d. Cost of labor hired by the firm. e. The cost of raw materials.