Protectionist policies often seek to shield domestic producers and domestic workers from ________ competition.
a. foreign
b. local
c. domestic
d. unfair
a. foreign
Protectionist policies often seek to shield domestic producers and domestic workers from foreign competition.
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The total utility from three skirts is
A) three times the marginal utility of the third skirt. B) three times the price of a skirt. C) three skirts divided by total income. D) the sum of the marginal utility of the first skirt plus the marginal utility of the second skirt plus the marginal utility of the third skirt.
In the long-run equilibrium, perfectly competitive firms produce where
A) marginal cost is minimized. B) average total cost is minimized. C) average revenue is zero. D) All of the above are correct.
When the market demand increases in a perfect competition, the long-run result is a larger number of firms, a higher price, and a permanent economic profit for the firms
Indicate whether the statement is true or false
In the Keynesian cross diagram, a decrease in investment spending because companies become more pessimistic about investment profitability causes the aggregate demand function to shift ________ and the equilibrium level of aggregate output to
________, everything else held constant. A) up; rise B) up; fall C) down; rise D) down; fall