Refer to the above figure. The above figure shows the cost structure of a firm producing an information product. Which curve represents average fixed cost?

As a person's wage rate increases, the substitution effect motivates an increase in work and the income effect motivates a decrease in work

Indicate whether the statement is true or false

When speculators buy gasoline during the low demand spring in order to sell it during the high demand summer, they cause an increase in dead weight loss in the spring that is more than made up for by an increase in social surplus in the summer.

Answer the following statement true (T) or false (F)