Industrial policies are:
A. favorable tax policies to encourage private domestic investment in certain industries.
B. favorable trade policies to encourage private investment in certain industries.
C. government investments in certain industries to encourage growth in those industries.
D. All of these are true.
D. All of these are true.
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If the inputs to a production process are perfect substitutes and the marginal rate of technical substitution is equal to the ratio of the prices of the two inputs, the firm can choose from a virtually infinite array of combinations of the two inputs
to minimize the costs of producing a given level of output. Indicate whether the statement is true or false
Refer to Scenario 7.1. For 100 cookies, the average total cost is
A) falling. B) rising. C) neither rising nor falling. D) less than average fixed cost.