In a competitive price-taker market, the actions of any single buyer or seller will
a. have a negligible impact on the market price.
b. have little effect on overall production but will ultimately change final product price.
c. cause a noticeable change in overall production and a change in final product price.
d. adversely affect the profitability of more than one firm in the market.
A
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After a firm makes short-run adjustments in its production plan following a wage increase,
A. the marginal product of labor will be higher. B. the marginal product of labor will be lower. C. the marginal product of capital will be higher. D. the marginal product of capital will be lower. E. (a) and (c) F. (a) and (d) G. (b) and (c) H. (b) and (d)
In September 2008, Regions Bank has $89 million in M1 deposits, $3 million in reserves and $81 million in loans. Regions Bank's desired reserve ratio is
A) 3.4 percent. B) 3.7 percent. C) 91 percent. D) 29.67 percent.
All cartels are inherently reliant on
a. a horizontal demand curve. b. an inelastic demand for their product. c. the cooperation of their members. d. enforcement of antitrust laws.
Explain whether it is possible for a country to have a comparative advantage in the production of a product without having an absolute advantage in the production of that product
What will be an ideal response?