When single-input producer choice sets are non-convex, the first order condition of the profit maximization problem is neither necessary nor sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
True
Rationale: This is true -- we may have a corner solution at which the first order condition does not hold.
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According to economists, which of the following statements about international capital mobility is CORRECT?
a. International resource mobility has had no effect upon world GDP. b. International resource mobility has had a negative effect upon world GDP. c. International resource mobility has had a positive effect upon world GDP. d. International resource mobility has had such a small effect upon world GDP that it is not worth measuring.
The owner or owners control the day-to-day activities of which of the following types of business?
A) corporations and partnerships B) sole proprietorships and corporations C) partnerships and sole proprietorships D) only corporations