For the perfectly competitive firm, price
A) equals average revenue and marginal revenue.
B) equals average total cost.
C) changes as output changes.
D) depends on the fixed cost for the firm.
A
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In the Wealth of Nations, Adam Smith wrote about how countries could increase their consumption of goods and services through specialization and trade with other countries
a. True b. False Indicate whether the statement is true or false
Consider the expressions T - G and Y - T - C. Which of the following statements is correct?
a. Each one of these is equal to national saving. b. Each one of these is equal to public saving. c. The first of these is private saving; the second one is public saving. d. The first of these is public saving; the second one is private saving.
A fundamental aspect of economics is to
A) ensure that every firm makes a profit. B) analyze how choices are made. C) satisfy all our wants. D) make sure that our resources will always be unlimited.
Pender Pet Products is considered an opportunistic importer because the firm seeks products around the world that it can import and sell profitably to domestic consumers.
a. true b. false