Price competition among firms has proved to be more important than the introduction of new products.
Answer the following statement true (T) or false (F)
False
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Refer to the figure below. If the supply curve for labor can be written as L = w/2 - 3/2 and the initial wage was $10, how much excess burden is created if there is a tax on wages of $2?
Can a firm's average cost be rising if it is greater than the firm's marginal cost? Explain
At an equilibrium price for gasoline,
a. everyone with the desire and the income to buy gasoline at that price can do so. b. surpluses are inevitable. c. inherent market forces will eventually change the quantities demanded and supplied. d. suppliers must be using the most efficient oil-drilling equipment available.
A country is likely to have a comparative advantage in a capital-intensive activity if it has a:
A. higher amount of labor relative to its population. B. higher opportunity cost of producing technology. C. large amount of capital relative to its landmass. D. lot of land relative to its population.