The rapid growth of China's economy relative to the United States has benefitted U.S. consumers because
A) U.S. consumers can purchase more lower-priced goods made in China.
B) competition from China has made jobs harder to find in the United States.
C) goods made in China are always of higher quality than goods made in the United States.
D) the United States has comparative advantage in more goods than China does.
A
You might also like to view...
Which assumption is part of the model of monopolistic competition?
A. There are significant barriers to entry into the market. B. There is no collusion or mutual interdependence among firms. C. Firms make identical or homogeneous products. D. Firms have no control over their products' prices.
For a normal good, the income and substitution effect work in the same direction. For an inferior good, the income and substitution effects work in opposite directions
Does this imply that the demand curve for an inferior good is upward sloping? Explain.
Which of the following expressions equals profit per unit of output?
a. MR - MC b. P - AVC c. MR - P d. P - ATC e. MR - ATC
1 - APC = _________________.
Fill in the blank(s) with the appropriate word(s).