Which of the following items most likely explains why corn is not produced by a cartel?
a. barriers to market entrance
b. patent protection
c. many producers
d. income inelastic demand
e. limited raw materials
C
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If a firm's average total cost is less than price where MR = MC
A) the firm should shut down. B) the firm should cut back on its output to lower its cost. C) the firm should continue to produce the output it is producing. D) the firm should raise its price.
Which of the following statements is true?
a. There is no single correct strategy for economic growth and development. b. In general, GDP per capita is highly correlated with alternative quality of life measures. c. The World Bank is affiliated with the United Nations and makes long-term low-interest loans to LDCs. d. All of these.
A permanent shift in the foreign exchange market supply and demand curves such that the fixed exchange rate is no longer an equilibrium rate is referred to as:
a. permanent devaluation. b. speculative disequilibrium. c. permanent revaluation. d. speculative equilibrium. e. fundamental disequilibrium.
Suppose the consumer price index was 184 in 2009 and 198.17 in 2010 . The nominal interest rate during this period was 5.8 percent. What was the real interest rate during this period?
a. 0.4 percent b. 1.2 percent c. –1.9 percent d. –2.6 percent