Assume that Spain will specialize in either cars or TVs. What is their opportunity cost of producing one car?
8 TVs
Economics
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In the long-run, the price elasticity of demand is usually
a. smaller than in the short-run. b. bigger than in the short-run. c. the same as in the short run. d. equal to zero. e. can't tell from the information given.
Economics
Which of the following would increase the trade deficit?
A. A tax on imports B. Foreign countries subsidizing their exports C. The U.S. government reducing the budget deficit D. An increasing preference of American consumers for domestic products
Economics
A monopoly will maximize profits at the level of output at which
A. MC = P. B. MR = AFC. C. MR = MC. D. MC = ATC.
Economics
Refer to the above table. At what quantity does diminishing marginal utility set in?
A. after 2 B. after 10 C. after 3 D. after 15
Economics