Total physical product is maximized if marginal physical product is zero.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is true?
A) If the domestic price of a good in a country is lower than the world price, the country will become an exporter of the good. B) Whether a country becomes an importer or an exporter of a good depends only on the domestic price of the good and is independent of the world price of the good. C) If the domestic price of a good in a country is lower than the world price, the country will become an importer of the good. D) Whether a country becomes an importer or an exporter of a good depends only on the world price of the good and is independent of the domestic price of the good.
Suppose that you allow yourself $50 per month to spend on compact disks. You spend exactly this much every month regardless of the price of compact disks. Therefore, your demand for CDs
a. is elastic b. is inelastic c. is unit elastic d. cannot be characterized unless we know the price of a disk e. cannot be characterized unless we know the price and quantity of compact disks purchased
Assume that Country X and Country Y are trading partners and the exchange rates are fixed. If prices in Country Y fall, which of the following is expected to happen?
a. Country X will export more. b. Economy of Country X will be depressed. c. Net exports will rise for Country X. d. Country Y will import more.
A non-discriminating monopolist maximizes total revenue when its marginal revenue is
A. equal to price. B. negative. C. zero. D. positive.