Production technology determines the relationship of total cost to outputs

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

True

Economics

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Since a monopoly can set any price it wants, it always makes a profit?

Indicate whether the statement is true or false

Economics

An increase in market demand will cause an increase in industry output in the long run because

a. new firms enter the industry. b. new firms enter the industry and all firms increase their output. c. all firms decrease their output but more new firms enter. d. no firms enter but the existing firms increase their output.

Economics