Table 14.2Table 14.2 represents 3 markets for used guitars. Which of the markets in Table 14.2 are NOT in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. 2 and 3
Answer: D
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Commercial society provides incentives to specialize by
A) following one's comparative disadvantage. B) pursuing one's comparative advantage. C) producing somewhere outside the production possibilities frontier. D) producing a narrowly defined good without an interest in the wealth it generates to the producer.
If a perfectly competitive industry is taken over by a monopolist,
a. output will always rise b. output will always fall c. market price will probably not change d. marginal cost will approach average variable cost in the long run e. market price could fall if there are large gains from technological changes under monopoly
What effect does a recession have on a country’s international trade?
What will be an ideal response?
If an individual perfectly competitive firm charges a price ________ the industry equilibrium price while competitors charge the equilibrium price, the firm will sell all that it produces but forgo revenue that it could have had.
A. equal to B. above C. below D. More information is needed to answer the question.