I don't need explainAll true or false question.

Question

I don't need explainAll true or false question.

1. In a free market economy, competitive provides firms with a strong incentive to avoid developing improved products and discovering lower cost methods of production.

2. When the price elasticity of demand is less than one it means demand is relatively price inelastic, and the percentage change in price is greater than the percentage change in quantity demanded.

3. A "profit-maximizing" price searcher will want to charge a price that is equal to marginal cost.

4. Unlike price takers, price searchers do not maximize profits by producing at the point where marginal revenue is equal to marginal cost.

5. During the last two centuries, after adjustment for inflation, stocks have yielded an average real return on about 3 percent per year, compared with a real return of about 7 percent per year for bonds.

6. One of the advantages of the corporate form of business ownership is limited liability.

7. According to the textbook only about 10% of U.S. households own stock, either directly or indirectly through an equity mutual fund.

8. If the marginal revenue is less than the marginal cost, a profit-maximizing price taker should increase its output.

9. "Price discrimination" is the term used in Chapter 23 to describe a situation where a firm is charging the same price to all of its customers for the same product.

10. The Random Walk Theory assumes that current stock prices already reflect the best-known information about the future.

11. In the year 2008, nearly three out of four business firms in the United States were organized as proprietorships.

12. Demand will be more price inelastic, when the time the consumer has to adjust to price changes is short.

13. Demand will be more price inelastic, when the number of "good" substitutes available to consumers is large.

14. The limited liability of stockholders in the corporate business structure makes it easier to raise equity capital.

15. New issues of stocks and bonds are bought and sold by the investing public in the secondary securities markets.

16. According to the textbook, economic models fully capture the role played by entrepreneurs in a free-market economic system.

17. An downward-sloping portion of a long-run average total cost curve is the result of diseconomies of scale.

18. Entry and exit of firms drive economic profits to zero in the long run in competitive price-searcher markets.

19. When demand is relatively price elastic, price and total revenue will change in the opposite direction.

20. If the marginal revenue is greater than the marginal cost, a profit-maximizing price taker should reduce its output.

21. Demand will be more price inelastic, when the time the consumer has to adjust to price changes is long.

22. As business firms exit a perfectly competitive market, this will typically increase the profits of those firm who remain in the market.

23. As new firms enter a perfectly competitive market, this will typically increase the profits of those firm who were already in the market.

24. The opportunity costs associated with a firm's use of the resources that it owns are the firm's explicit costs.

25. Most business firms in the "real world" are price takers, not price searchers.

26. A "profit-maximizing" price searcher will want to charge a price that is greater than marginal cost.

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