Sunk costs:
A. should be considered only when there is no information about marginal cost and marginal benefit.
B. should be considered, but only when marginal cost is less than marginal benefit.
C. are an essential part of economic decision making.
D. are irrelevant to economic decision making.
Answer: D
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The foreign exchange market
A) is a government-run market where foreign currencies are traded. B) is a bank-owned market through which people buy and sell currencies. C) refers to the entire array of institutions through which people buy and sell currencies. D) an open market run by the Federal Reserve through which banks buy and sell currencies.
A profit-maximizing monopolistically competitive firm produces and sells an allocatively efficient quantity of output
Indicate whether the statement is true or false