"Learning by doing" results in decreased average costs of production and is illustrated by a downward shift of the firm's long-run average cost curve

Some economists believe that one factor that caused the financial crisis of 2007-2009 was top managers of large financial services firms making riskier investments than were in the best interests of the firms' shareholders

Indicate whether the statement is true or false

Economists assume consumers select a bundle of goods that maximizes their well-being subject to

A) their budget constraint. B) their income. C) relative prices. D) their marginal rate of substitution.