The hypothesis that people are nearly, but not fully rational, cannot possibly fully examine every available choice, and utilize simple rules of thumb in making decisions is known as the

An increase in the price level in the United States will reduce imports and increase exports

Indicate whether the statement is true or false

Marginal cost

A. always equals average cost. B. is the increase in total cost resulting from producing one more unit. C. equals the increase in AVC resulting from producing one more unit. D. is the average cost of production divided by output.