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For each of the following statements, state whether it is true or false? If false, briefly explain. (a) With only two goods, if one good
For each of the following statements, state whether it is true or false? If false, briefly explain. (a) With only two goods, if one good is a "bad" and the other is a "good", then the indifference curves are upward sloping. (b) A Giffen good can be a normal good. (c) If average cost is decreasing as output increases, then marginal cost is smaller than the average cost. (d) In a Cournot duopoly, in the equilibrium, the total quantity is less than that of a monopoly
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