In the United States, dumping is
a. encouraged because it lowers prices for consumers
b. prohibited by the Trade Agreement Act of 1979
c. discouraged by domestic consumers who benefit from the lower price
d. encouraged because it encourages competition
e. encouraged because it promotes expenditure on R&D
B
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Use the above figure. Suppose that a regulatory agency requires this natural monopolist to engage in marginal cost pricing. This would lead to
A) losses, which would drive the monopolist out of business in the long run. B) profits, which would encourage new producers to enter the industry in the long run. C) profits, but new firms cannot enter the industry in the long run due to high barriers to entry. D) losses, which would encourage the monopolist to lower costs in the long run.
The equilibrium price of labor is called:
A. the wage. B. income, plus benefits. C. opportunity cost. D. the leisure trade-off.
Economic efficiency and income equality are often conflicting goals in an economy.
Answer the following statement true (T) or false (F)
A manufacturer produces 400 units when the market price is $10 per unit and produces 600 units when the market price is $12 per unit. Using the midpoint method, for this range of prices, the price elasticity of supply is about
a. 0.45. b. 2.0. c. 2.2. d. 200.