Suppose the demand for good x is ln Qxd = 21 ? 0.8 ln Px ? 1.6 ln Py + 6.2 ln M + 0.4 ln Ax. Then we know good x is:

The actual time length of the short run is determined by when diminishing marginal returns start

Indicate whether the statement is true or false

For years, Intel was able to charge a higher price for microchips because:

a. it had a higher quality product than its rivals. b. it spent less on advertising than its rivals. c. consumers knew that Intel had the best employees. d. Intel relied more on foreign labor. e. of its successful product differentiation.