The value of net exports is:
A. exports imports.
B. imports exports.
C. exports+ imports.
D. (exports +imports) tariffs.
A. exports imports.
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Assume that one firm in a perfectly competitive market adopts a technological innovation that enables it to produce at a lower cost per unit than competing firms in the short run. Which of the following statements is correct?
a. The innovating firm will earn above-normal profit in the long run. b. All the competing firms will be forced to exit the market in the long run. c. This is an example of a decreasing cost industry. d. Competing firms will need to adopt the new technology in the long run in order to survive. e. Only new firms entering the industry with new-technology plants will be able to compete with the innovating firm.
For firms that sell one product in a perfectly competitive market, the market price:
A. is equal to the average total cost of a firm. B. is higher than the marginal revenue of a firm C. can be influenced by one firm's output decision. D. is taken as a constant by individual firms.
An example of U.S. public investment in infrastructure would be:
A. a wastewater treatment system. B. an oil and gas pipeline. C. a manufacturing plant. D. a construction company.
Which describes an oligopoly?
a. one firm producing 95% of the output b. two to four firms producing 70% - 80% of the output c. eight to ten firms producing 60% - 70% of the output d. ten or more firms producing 90% of the output