Firms in perfect competition sell differentiated products
a. True
b. False
Indicate whether the statement is true or false
False
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U.S. net export spending rises when
A) the inflation rate is higher in the United States relative to other countries. B) the value of the U.S. dollar increases relative to other currencies. C) the price level in the United States rises relative to the price level in other countries. D) the growth rate of U.S. GDP is slower than the growth rate of GDP in other countries.
Refer to Figure 3.2. At any consumption bundle with the quantity of good X exceeding the quantity of good Y (that is, a bundle located below the 45 degree line, like point A), Alvin's marginal rate of substitution of good X for good Y is
A) diminishing. B) positive. C) constant and positive. D) zero.
A famous novelist holds the copyright to her literary works. She creates a monopoly by: a. limiting the number of books she writes
b. cutting down per unit production cost. c. restricting other authors from plagiarizing her work. d. restricting the demand for her books.
If an electricians' union is successful in its attempts to restrict entry into that craft, it will shift
a. the supply curve of electricians to the right b. the supply curve of electricians to the left c. the demand curve for electricians to the right d. the demand curve for electricians to the left e. both the supply and demand curves for electricians