Suppose that Rockport Shoes planned to produce and sell $200 million of shoes in 2003, but by year's end was able to sell only $180 million. The remaining unsold $20 million would be recorded as

In long-run perfectly competitive equilibrium, which of the following is false?

A) There is efficient, low-cost production at the minimum efficient scale. B) Economies of scale are exhausted. C) Economic surplus is maximized. D) Firms earn economic profit.

A rise in the interest rate will generally result in people consuming less when they are old if the substitution effect outweighs the income effect

a. True b. False Indicate whether the statement is true or false