Type I errors are

If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 50

Indicate whether the statement is true or false

Consider a firm operating with the following: price = 10; MR = 10; MC = 10; ATC = 10 . This firm is:

a. making an economic profit of 10. b. an example of monopolistic competition. c. going to go out of business in the long run. d. a monopolist for a product with a relatively inelastic demand. e. perfectly competitive in long-run equilibrium.