Economics competition can have which of the following negative effects on a domestic economy?
A. It drives down wages and profits.
B. It increases the profits of domestic suppliers.
C. It drives up wages and profits.
D. It protects domestic jobs.
Answer: A
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What will be an ideal response?
The value of a General Motors' automobile produced in Spain is not included in our GNP
Indicate whether the statement is true or false
In the long run, perfectly competitive firms produce at the output level that has the minimum
A) marginal cost. B) average total cost. C) average variable cost. D) average fixed cost. E) total revenue.
Use the following graph to answer the next question.
The graph shows the cost curves for a perfectly competitive firm. If the market price of the product is $1.25 per unit, then the firm will produce how many units to maximize profits in the short run?
A. 15 B. 20 C. 0 D. 35