An oligopoly firm with a differentiated product will generally earn the largest profits without advertising.
Answer the following statement true (T) or false (F)
False
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If x increases and as a result y decreases, then x and y are
A) not related because the relationship is a causal one. B) positively related. C) negatively related. D) directly related. E) trend-line related.
Consider a world with two countries and two goods. Under which of the following conditions does comparative advantage NOT exist?
A) One country can produce both goods more cheaply than the other country. B) One country has more productive resources or inputs than another country. C) The opportunity cost of producing each good is the same in each country. D) One country has an absolute advantage in producing one good while the other country has an absolute advantage in producing the other good.
The nominal cost per unit of output rises when production is pushed beyond an economy's potential output
a. True b. False Indicate whether the statement is true or false
X-inefficiency implies:
a. the practice of using less than the optimal amount of inputs for production. b. the practice of using the lowest quantity of input to produce maximum output. c. always producing less than the optimal amount of output. d. excessive use of inputs relative to best-practice methods.