At the long-run profit-maximizing output level of a monopolistic competitor, all economies of scale are realized
a. True
b. False
Indicate whether the statement is true or false
False
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The sustainable upper limit of real GDP is a level of GDP that is
A) greater than potential GDP, but by how much greater is unknown and controversial. B) less than potential GDP, but by how much less is unknown and controversial. C) potential GDP. D) determined only by what is the full employment equilibrium in the labor market. E) None of the above answers is correct because there is no sustainable upper limit to real GDP because real GDP can always be increased.
Suppose you own your own pizzeria. All of the following are implicit costs except
A. the income you could have made using your delivery truck to do something else. B. the gasoline used when you deliver pizzas. C. the wages you could earn making pizza for your competitors. D. the interest forgone on the money you invested in your restaurant.
Refer to Figure 18.1. With a tariff, how much does the government collect for each glove imported into Duckland?
A. $0 B. between $2 and $3 C. between $8 and $10 D. more than $10
If using the same resources, the U.S. workers can produce more of any good than Mexican workers, then the United States should produce every good
a. True b. False Indicate whether the statement is true or false