The export supply curve shows a country's:
a. domestic surplus at various prices below the "no-trade" equilibrium price.
b. domestic shortage at various prices below the "no-trade" equilibrium price.
c. domestic supply at the "no-trade" equilibrium price.
d. domestic surplus at various prices above the "no-trade" equilibrium price.
e. domestic shortage at various prices above the "no-trade" equilibrium price.
d
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How do perfectly competitive markets allow for the movement of resources from less productive industries to more productive industries?
What will be an ideal response?
In the short run, the perfectly competitive firm will always earn an economic profit when
A) P = ATC. B) P > AVC. C) P = MC. D) P > ATC.
The amount of compensation associated with the income effect of a price change is called:
A. a compensation variation. B. an income effect. C. consumer surplus. D. a subsidy.
How many members appointed by the president sit on the Federal Reserve Board?
A. None B. Seven C. Nine D. Twelve