Which of the above shows the correct relationship between demand and marginal revenue for an imperfectly competitive firm?
A. A
B. B
C. C
D. D
Answer: B
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Comparative advantage implies that a country will
A) import those goods in which the country has a comparative advantage. B) export those goods in which the country has a comparative advantage. C) find it difficult to conclude free trade agreements with other nations. D) export goods produced by domestic industries with low wages relative to its trading partners.
Refer to Figure 4-18. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $12. B) $8. C) $4.40. D) $3.
Free ridership is associated with what kind of externality, and why?
a. positive, because costs are identified but not internalized b. negative, because costs are identified but not internalized c. positive, because many who benefit are not always identified or accounted for d. negative, because many who benefit are not always identified or accounted for e. positive, because social value equals private value
In order for the law of diminishing returns to be present, we must have
a. at least one factor of production to be fixed b. output decreasing as more laborers are hired c. the price of labor increasing as more workers are hired d. simultaneous changes in labor and capital e. double the output when labor input is doubled