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Author Question: An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short ... (Read 65 times)

ss2343

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on: Jun 29, 2018
An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short run.
 
  Indicate whether the statement is true or false

Question 2

Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget.
 
  A) an inferior good; very small B) a normal good; very large
  C) an inferior good; very large D) a normal good; very small
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Tonny

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Reply #1 on: Jun 29, 2018
Answer to Question 1

TRUE

Answer to Question 2

C


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