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Home Q & A Board Other Fields Homework Help Business Economics
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Amazingorange Amazingorange
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6 years ago
If all inputs are raised by equal percentages and output increases by a larger percentage, there are decreasing returns to scale.
  Indicate whether the statement is true or false

QUESTION 2

When a firm's economic profit is greater than zero, the accounting profit is called normal profit.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 3

The demand curve faced by a monopolist is the same as the marginal revenue curve.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 4

Absolute advantage is determined by comparing the opportunity costs of producing each good in different countries.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 5

The expansion path shows the lowest cost combinations of inputs for producing different levels of output.
  Indicate whether the statement is true or false

QUESTION 6

When economic profit is zero, producers do not have any incentive to deviate from the current line of production.
 a. True
  b. False
  Indicate whether the statement is true or false
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08holtumj08holtumj
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6 years ago
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Amazingorange Author
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