It is ________ profit maximizing for firms to dump in foreign markets
A) never
B) sometimes
C) always
B
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A change in all of the following variables will change the market demand for a product except
A) the price of the product. B) tastes. C) income. D) population and demographics.
Economies of scale occur where
a. long-run average cost falls as new firms enter the industry b. short-run average cost falls as new firms enter the industry c. long-run average cost falls as one firm expands plant size d. short-run average cost falls as one firm expands plant size e. long-run average cost rises as one firm expands plant size
Other things held constant, the higher the price of a good
A. the greater the producer surplus. B. the lower the producer surplus. C. the higher the supply. D. the lower the supply.
What is the total surplus of a market?
A. the sum of consumer surplus and producer deficit B. the sum of consumer surplus and producer surplus C. the difference between the consumer surplus and producer surplus D. the difference between the highest price that a consumer is willing to pay and the lowest price that a producer is willing to sell