A firm's decision to expand the size of its production facility would be considered a short-run decision so long as the expansion can be completed in less than a year

When your budget line is just tangent to your indifference curve, you are at your best affordable point

Indicate whether the statement is true or false

When the government imposes a tax on the production of a commodity:

a. production will invariably increase. b. the cost of production increases, so the supply curve shifts to the left. c. the benefits of consumption increases, so the demand curve shifts to the right. d. there is no change in demand or supply of the commodity. e. both the demand and supply curves shift to the right.