In the economic way of thinking, individuals make "choices" only when they
A) follow their narrow, selfish interests.
B) enjoy perfect and complete information about the consequences of their actions.
C) act responsibly.
D) pursue one project while sacrificing another.
E) have mastered the lessons of economic theory.
D
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Suppose the equilibrium price in a perfectly competitive industry is $100 and a firm in the industry charges $112 . Which of the following will happen?
a. The firm will not sell any of its output. b. The firm will sell more output than its competitors. c. The firm's profits will increase. d. The firm's revenue will increase. e. The firm will gradually take over the entire industry.
A new technology that decreases production costs will shift the supply curve of a perfectly competitive firm to the left
a. True b. False Indicate whether the statement is true or false