What is the future value of $1,000 in three years if the rate of discount is equal to 5 percent?

Suppose tastes satisfy our usual assumptions. Kinks in budget constraints do not give rise to the possibility of multiple solutions unless the kinds produce a non-convexity in the choice set.

Answer the following statement true (T) or false (F)

An industry's output is produced at the lowest possible cost when

a. firms' marginal costs are equal. b. firms minimize their average costs. c. all firms earn the same profit. d. output is evenly divided among the industry's firms.