Fill in the blank: Middlemen tend to have ________ in information production
A) no interest
B) a comparative advantage
C) a monopoly
D) little time to engage
E) a wasteful way of engaging
B
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If a perfectly competitive firm's marginal revenue is greater than its marginal cost, as it increases its output, its profit ________ and the price it can charge for its product ________
A) increases; does not change B) decreases; falls C) increases; falls D) decreases; rises E) decreases; does not change
Over long periods of time, the cyclical rate of unemployment, on average, ________
A) approaches infinity B) approaches a value of one C) should be close to zero D) approaches the natural rate
The production function Q = 0.8X + 0.6Y exhibits
A) increasing return to scale. B) decreasing returns to scale. C) constant returns to scale. D) economies of scale.
If the wagerental ratio in Japanese auto production is lower than the wagerental ratio in U.S. auto production, then:
a. Japan must have a comparative advantage in the production of autos. b. Japan must have an absolute advantage in the production of autos. c. auto production costs must be lower in Japan than in the United States. d. auto production costs could be lower in the United States if U.S. labor productivity is higher than Japanese labor productivity.