What is the opportunity cost of moving from point B to point A?
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Minimum-price laws designed to preserve competition
A) offer the certainty of lower prices in order to eliminate the possibility of higher prices. B) offer the certainty of higher prices in order to eliminate the possibility of higher prices. C) offer the possibility of higher prices in order to eliminate the certainty of higher prices. D) offer the sellers more competition among themselves.
In a long-run perfectly competitive equilibrium
A) P = MR = MC > ATC. B) P = MR > MC = ATC. C) P = MR = MC = ATC. D) P > MR > MC = ATC.
If capital is specific to manufacturing and land is specific to agriculture, then migration of labor from lowincome to highincome countries will cause:
a. the wage to rise in the highincome country and the wage to fall in the lowincome country. b. the wage to fall in the highincome country and the wage to rise in the lowincome country. c. the wage to rise in both the highincome and low income countries. d. the wage to fall in both the highincome and low income countries.
If U.S. buyers purchased $500 billion of foreign goods and foreign buyers purchased $400 billion of U.S. goods, the U.S. balance of trade would be:
A. ?$100 billion. B. $100 billion. C. $400 billion. D. -$500 billion.