It is not possible for both parties to gain in a voluntary trade.
Answer the following statement true (T) or false (F)
False
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Answer the following statements true (T) or false (F)
1. Total annual production in the United States is in excess of $14 trillion. 2. The ability to produce a good or service using fewer resources than other producers use is known as comparative advantage. 3. Japan has a low standard of living because of its shortage of resources. 4. Technological development can be applied to the improvement of human capital as well as physical capital.
If Joel buys ten floppy disks, which are worth a total of $30 to him, and he pays $1 a disk, how much consumer surplus does he derive?
a. $24 b. $15 c. $20 d. $10 e. $2 from each floppy disk
All of the following help define market structure, except one. Which is the exception?
a. number of sellers b. barriers to entry c. barriers to exit d. standardization of product e. how firms are organized (i.e., as proprietorships, partnerships, or corporations)
The ________ is the product of the marginal product of labor and the price of the output.
A. marginal revenue product B. average revenue C. total revenue D. marginal factor cost