Variable costs increase when output rises.
Answer the following statement true (T) or false (F)
True
Economics
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If an 8 percent decrease in the price of lobster leads to a 15 percent decrease in the quantity of lobster supplied, then the supply of lobster is
A) unitarily elastic. B) elastic. C) unit elastic. D) perfectly inelastic.
Economics
The average output produced per worker is one way of measuring
A) inflation. B) the interest rate. C) employment. D) productivity.
Economics