Which of the following is an incorrect statement?
a. If for an activity MR>MC, then do more of it
b. An incentive compensation scheme that increases MR will increase effort
c. Fixed fees have no effect on effort
d. Average cost is relevant to an extent decision
d
Economics
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Refer to the scenario above. If both nations decide to trade, which of the following statements is true?
A) Hawaii should export both tea and coffee. B) Hawaii should import both tea and coffee. C) Hawaii should export tea and South Carolina should export coffee. D) Hawaii should export coffee and South Carolina should export tea.
Economics
A government-imposed price ceiling set below the market's equilibrium price for a good will produce an excess supply of the good
a. True b. False
Economics