When a supply curve is relatively flat, the
a. sellers are not at all responsive to a change in price.
b. equilibrium price changes substantially when the demand for the good changes.
c. supply is relatively elastic.
d. supply is relatively inelastic.
c
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When the price level is low and the demand for domestic goods increases, how does it affect international trade?
A) Prices of all international goods will increase. B) Prices of all international goods will decrease. C) Net exports will decrease. D) Net exports will increase.
The amount you pay for apps to download to your cell phone is an example of a(n) ________ cost
A) implicit B) opportunity C) explicit D) network
The claim that lower environmental standards in foreign countries reduce industrial competitiveness for high standard countries is on firm theoretical ground because
A) higher environmental standards requirements raise the cost of production to a firm or industry abiding by the rules. B) there will be a race-to-the-bottom competition on environmental standards. C) the interests of firms that are subject to the high standards coincide with the nation's interests, one-for-one. D) environmental standards in most countries have gotten more lax over time.
Refer to the data provided in Table 9.2 below to answer the question(s) that follow.
Table 9.2
Refer to Table 9.2. If the market price is $20, then to maximize profits this firm should produce
A. zero units of output. B. one unit of output. C. two units of output. D. four units of output.