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true, false or uncertain? with explanation please 5. (32 Points) State whether the following statements are TRUE, FALSE, or UNCERTAIN and explain why. You can
true, false or uncertain? with explanation please
5. (32 Points) State whether the following statements are TRUE, FALSE, or UNCERTAIN and explain why. You can take the non-italicized portions as given. For each of these problems, you must explain your answer with words, math, and/or pictures. The quality of the explanation is a substantial part of the grade. (a) (4 Points) Suppose that some firm uses labor and capital to produce output, but is unable to adjust its capital stock in the short-run. True, False, or Uncertain: the firm's supply curve will be more upward-sloping in the short-run than in the long-run. (b) (4 Points) Let's assume that someone is in the process of adopting a shelter cat (that they already love very much and would want to pay for any needed medical procedures). True, False, or Uncertain: a reasonably risk-averse person should buy fairly-priced "health insurance" that would pay (if needed) for the cat's very expensive life-saving medical procedure over the following year. (c) (4 Points) True, False, or Uncertain: there is no need for the government to subsidize applied science applications because firms will be able to patent their invention and price as a monopolist Step by Step Solution
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