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# True or False (O or X)() 1. Opportunity cost is

**True or False (O or X)**

**( ) 1. Opportunity cost is**

** included in the accounting cost.**

**( ) 2. Marginal Cost(MC) and Average Cost(AC) meet at the lowest MC.**

**( ) 3. Economies of Scope decreases production cost by increasing production.**

**( ) 4. Economies of Scale is the case for decreasing Long-Run Average Cost.**

**( ) 5. Production Function's Independent Variable is the Output.**

**( ) 6. Profit Function's Independent Variable is the Output.**

**( ) 7. Cost Function's Independent Variable is the Output.**

**( ) 8. Cost Equation's Independent Variable is the Output.**

**( ) 9. Marginal Revenue is the Price in all cases.**

**( ) 10. Firm's Supply Curve is the average Cost Curve.**

**( ) 11. Consumer Surplus is a surplus vale of buying less than market price. **

**( ) 12. Producer Surplus is a surplus value of selling higher than market price.**

**( ) 13. De Bears Diamonds Co. is the Natural Monopoly.**

**( ) 14. Copy right are the Natural Monopoly.**

**( ) 15. Water supply is the Natural Monopoly.**

**( ) 16. Monopoly Price is the same level where MR meets MC.**

**( ) 17. Monopoly Demand is the Average Revenue.**

**( ) 18. Airline Ticket is the Peak-Load Pricing.**

**( ) 19. Electricity is the Intertemporal Pricing.**

**( ) 20. Amusement Park fees are the Two-Parts Tariffs.**

**( ) 21. Oligopoly Price is the same level where MR and MC meet.**

**( ) 22. Oligopoly Price is the same level where MR and MC meet.**

**( ) 23. Reaction Curve is the producer's production reaction to consumption.**

**( ) 24. Dominant Strategy Game is a game where one side considers other side. **

**( ) 25. Monopolistic Competition is where few sellers compete with same output.**

**( ) 26. Demand for labor is a Derived Demand.**

**( ) 27. As Bond Price increases, Bond Yield increases.**

**( ) 28. Agents have less information than principal.**

**( ) 29. Externalities are not good always to market economy.**