Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

State whether each of the following statement is true or false. Raising the tariff on imported steel helps the US Aluminum industry. Therefore, the entire

State whether each of the following statement is true or false.

  1. Raising the tariff on imported steel helps the US Aluminum industry. Therefore, the entire economy is helped.
  2. A decrease in average length of annual vacation will move the PPF curve outward.
  3. An increase in market demand for pizza means the demand curve will shift to its right.
  4. Coke and Pepsi are 'complement' goods.
  5. Fixed cost is a cost that you incur regardless of whether you operate your business of shut it down.
  6. Average cost is at a minimum when marginal cost equals average cost.
  7. A firm that minimizes average cost will not survive in the long run.
  8. When marginal revenue equals marginal cost, the firm just breaks even.
  9. Perfectly competitive firms are sometimes called price makers because they have significant control over product price.
  10. A monopolist that earns a profit in the short run will always earn a profit in the long run.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Our Changing Order

Authors: Thorstein Veblen

1st Edition

1351311425, 9781351311427

More Books

Students also viewed these Economics questions

Question

8. How can an interpreter influence the message?

Answered: 1 week ago