Hidden price cuts are a form of defensive strategy.
T F
Firms in monopoly have a demand curve that is perfectly inelastic.
T F
Differences in firm efficiency can weaken collusions.
T F
When Marginal Cost is equal to Average Total Cost, Marginal Cost is increasing.
T F
Although the instructor in this course is lousy, the TA is good.
T F
In economic analysis, the measuring stick is efficiency, defined as valuable output over valuable input.
T F
The goal of factor-factor decision making is to find the combination of inputs that minimizes costs.
T F
The end of Stage II, an irrational stage, is where MPP = APP and APP is a maximum.
T F
An increase in pear production will not affect the demand for pears.
T F
A goal of compounding is to factor out the time element while a goal of discounting is to get all costs and revenues at the same point in time.
T F
Marginal costs include fixed and variable costs, but only in the long run.
T F
If the percentage change in quantity supplied is less than the percentage change in price, then the supply curve is elastic.
T F
APP is always increasing when we are experiencing increasing returns.
T F
The upper portion of a “kinked” demand curve for an oligopolist is probably elastic.
T F
The demand curve in a monopolistically competitive market is very inelastic.