Refer to the graph shown. Within which section(s) of the production function is marginal product decreasing?
A. A
B. B
C. A and B
D. B and C
Answer: D
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The basic principle that a country should treat imports from all other countries the same way is
a. quantitative restriction b. export orientation c. most favored nation d. free-trade area e. none of the above
A particularly severe recession is called a(n):
A. growth recession. B. lull. C. super recession. D. depression.
When oligopolistic firms in an industry form a cartel, then it is most likely that
A) both industry output and prices will increase. B) both industry output and prices will decrease. C) industry output will increase while prices will decrease. D) industry output will decrease while prices will increase.
With free trade, the demand curve facing a small-country monopolist:
a. is horizontal at the world price. b. shifts upward by the amount of imports demanded. c. shifts downward by the amount of imports demanded. d. is horizontal at the firm's MC.