Imports are products produced in the home country and sold in another country.
Answer the following statement true (T) or false (F)
False
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Which of the following displays these two characteristics: nonrivalry and excludability?
A) public goods B) private goods C) quasi-public goods D) common resources
Which of the following is a reason why a firm would experience diseconomies of scale?
A) As the size of the firm increases, it must operate in other countries where differences in language, customs, and laws increase its average costs. B) To finance an increase in the size of its plant a firm must borrow more money or sell more shares of stock. C) As the size of the firm increases, it becomes more difficult to find markets where it doesn't already have operations. D) As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants.
When market conditions in a competitive industry are such that firms cannot cover their total production costs, then
a. the firms will suffer long-run economic losses. b. the firms will suffer short-run economic losses that will be exactly offset by long-run economic profits. c. some firms will exit the market, causing prices to rise until the remaining firms can cover their total production costs. d. all firms will go out of business, since consumers will not pay prices that enable firms to cover their total production costs.
Compare the factors that explain the elasticity of resource and product demand
What will be an ideal response?