1. Cost curves in the long run differ from cost curves in the short run.

2. If point A on an indifference curve lies higher (measured vertically) than point B on the same curve, Point A automatically represents higher total utility than point B.

3. All points on an indifference curve represent combinations of two goods that are equally desirable to the consumer.

4.When marginal revenue product of an input is less than its price, the producers should use less of the input.

5. The long-run average cost curve shows the lowest possible average cost for each output level, given that all inputs are variable.

6. Marginal, average, and total figures are bound together. If any two are known, the third can be calculated.

7.The real cost of a decision is the opportunity cost measured in the commodities forgone.

8. Total utility increases if one more unit of a product is purchased and marginal utility is negative.

9. All straight-line demand curves have the same elasticity value since the slope is constant.

10. If goods X and Y are complements, the

11. Suppose that a 15 percent decrease in price leads to an increase in the quantity demanded of 10 percent,

12 If the firm's marginal physical product is 8, and its handicrafts sell for $70, when a unit of labor costs $150, the firm is operating

13 Marginal revenue product is increasing as

14 If a firm increases its prices when the demand is inelastic, then the firm will see

15 The slope of an indifference curve is called the