7.) Identify the truthfulness of the following statements.

I.Economies of Experience imply that Economies of Scale must exist.

II.Economies of Scale imply that Economies of Experience must exist.

A. Both I and II are true

B. I is true; II is false

C. Both I and II are false

D. I is false; II is true

14.) The law of supply indicates that ______.

a. the quantity supplied increases as more labor and raw materials are added to production

b. there is a positive relationship between price and quantity supplied assuming all of the factors that affect supply are fixed

c. there is a positive relationship between price and quantity supplied assuming all of the factors that affect supply are variable

d. there is an inverse relationship between price and quantity supplied assuming all of the factors that affect supply are fixed

Clear my choice

15.) Accounting costs include all ______.

a. explicit costs

b. explicit and opportunity costs

c. explicit and financial costs

d. explicit and implicit costs

21.) Which of the following is False?

A. Rightward shift in demand + Rightward shift in supply curve = lower equilibrium price and smaller equilibrium quantity

B. Rightward shift in supply + unchanged demand curve = lower equilibrium price and larger equilibrium quantity

C. Leftward shift in demand + unchanged supply curve = lower equilibrium price and smaller equilibrium quantity

D. Leftward shift in supply + unchanged demand curve = higher equilibrium price and smaller equilibrium quantity

E. Rightward shift in demand + unchanged supply curve = higher equilibrium price and larger equilibrium quantity