Figure 10-6
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In Figure 10-6, if the current market price is at $10, then in the long-run equilibrium
A. each firm will be producing a smaller output.
B. the market price will rise to $20.
C. the number of firms in the market will increase.
D. All of these responses are correct.
Answer: B
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The principle of comparative advantage says that
a. every individual should specialize in producing that good for which the absolute cost is the smallest b. the output of society as a whole will be the greatest if every individual specializes in producing that commodity for which his opportunity cost is the smallest c. monopoly power is gained by specializing in a large market and reducing costs d. monopoly power is gained by specializing in a small market and producing a differentiated product e. your financial investments should be "compared" in a common fashion to determine your maximum advantage
A less advanced country can improve its productivity by:
a. repurposing b. imitating c. reusing d. redeveloping
For a nation to have sustained economic growth, it must ______.
a. decrease its reliance on natural resources b. decrease its rate of population growth c. increase the output per average worker d. increase its exports
What are bilateral investment treaties?
What will be an ideal response?