A business firm's profitability is based in part on the
A) prices of their nonlabor inputs.
B) productivity of their workers.
C) wage rates they must pay their workers.
D) business taxes they must pay.
E) all of the above
E
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It is true in monopoly pricing that the
A. sky is not the limit. B. market cannot impose a price on a monopolist. C. monopolist is a price maker. D. All of these responses are correct.
Why are perfectly competitive markets considered efficient?
What will be an ideal response?
If the Korean steel industry subsidizes the steel that it sells to the United States, the
a. United States should protect its domestic steel industry from this unfair competition. b. harm done to U.S. steel producers from this unfair competition exceeds the gain to U.S. consumers of cheap Korean steel. c. harm done to U.S. steel producers is less than the benefit that accrues to U.S. consumers of steel. d. United States should subsidize the products it sells to Korea.
If the exchange rate is such that $1 equals 20 Mexican pesos, then the price of a peso is
A. $1. B. $0.20. C. $2. D. $0.05.