Business decisions can be made by focusing mainly on the benefits of a decision because most costs ...

Business decisions can be made by focusing mainly on the benefits of a decision because most costs are fixed.
  Indicate whether the statement is true or false

QUESTION 2

The key difference between oligopoly and other market structures is the interdependence among producers.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 3

All of the following are mentioned in a unitization contract between two oil well owners, EXCEPT:
 a. how many wells each party owns.
  b. where the wells can be located.
  c. when the wells can be operated.
  d. total investment made by each party in the oil well.

QUESTION 4

Net total benefits of an activity are maximized when marginal benefits and marginal costs are equal.
  Indicate whether the statement is true or false

QUESTION 5

Oligopoly firms are guaranteed economic profits in the long run.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 6

The _____ gives a hunter ownership rights on a bird killed by him while it was flying over his property.
 a. unitization contract
  b. Coasian reasoning
  c. rule of first possession.
  d. rule of reason