Open economies grow more slowly than closed economies
Indicate whether the statement is true or false
FALSE
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What is a price support program in an agricultural market? Explain its impact on a market
What will be an ideal response?
Which of the following statements is true?
A) A buyer who sets a price so that he can purchase any amount of a good he wants at a fixed price, if he has the money to pay for it, is called a price leader. B) All buyers in a perfectly competitive market set prices to compete in their market. C) The relative prices of goods do not affect a consumer's buying decision. D) A consumer in a perfectly competitive market buys only a tiny fraction of the total amount produced.
More education guarantees a higher income and escaping poverty
Indicate whether the statement is true or false
Which of the following is a key characteristic of the long-run competitive equilibrium that distinguishes it from the short-run competitive equilibrium?
a. Free entry to reduce short-run profits, or free exit to reduce short-run losses. b. Economic profits are positive, but cannot be negative. c. Marginal revenue is greater than marginal cost. d. Average revenue is less than average cost.