he price at the intersection of the ______ curve and the ______ curve is called the equilibrium price.
a. individual supply; market demand
b. individual supply; individual demand
c. market supply; individual demand
d. market supply; market demand
d. market supply; market demand
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The costs associated with the negotiation and enforcement of an agreement are
A) property costs. B) resource factor costs. C) transaction costs. D) attorney fees.
If resource prices rise and the average total cost of producing a product increases as the firms in an industry expand output in response to an increase in demand, the long-run market supply curve for the product will
a. be perfectly elastic (a horizontal line). b. be perfectly inelastic (a vertical line). c. slope upward to the right. d. be more inelastic than the short-run supply curve for the product.
Under flexible exchange rates, the exchange rate is set by
A) the International Monetary Fund. B) the U.S. Federal Reserve's Board of Governors. C) the intersection of demand and supply curves in the currency markets. D) negotiations among central banks of the major industrial powers.
The main advantage of ________ is the ability to move out beyond previous resource and production constraints.
A. trade barriers B. export subsidies C. absolute advantage D. trade between two countries