A significant amount of positive consumer surplus is the reason why sometimes a shopper regrets having bought a particular item
Indicate whether the statement is true or false.
Answer: False
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A permanent reduction in net exports leads to
A) a less than proportional decrease in real Gross Domestic Product (GDP). B) a more than proportional decrease in real Gross Domestic Product (GDP). C) a reduction in taxes, autonomous government spending, and a fall in real Gross Domestic Product (GDP). D) a proportional increase in real Gross Domestic Product (GDP).
In the short run, product differentiation enables firms in monopolistically competitive markets to:
A. produce a good for which there are exact substitutes. B. produce a good which is standardized. C. price the good at marginal cost. D. earn a positive economic profit.
For the most part, trade between many countries:
A. is entirely unregulated or free. B. is regulated or restricted in some way. C. is free, with the notable exception of China. D. causes the well-being of some nations to win and others to lose.
Which of the following would be a disadvantage of the partnership form of business?
a. limited liability b. too many products c. unlimited liability d. profits flow directly to the one person responsible for creating it e. one person must make all of the important managerial decisions