Because industrial countries depend upon the less developed countries for their food and raw materials, the less-developed countries account for the majority of world trade
Indicate whether the statement is true or false
F
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Suppose a monopolist's marginal revenue equals marginal cost at an output of 100 . If price is $250, and average cost is $50 at this output, compute the monopolist's profit?
a. Profit = $250 b. Profit = $150 c. Profit = $15,000 d. Profit = $20,000
Which of the following is true when collective decision making is utilized to resolve economic questions regarding the allocation of resources?
What will be an ideal response?
Typically, marginal utility is higher when a person consumes less of a good
a. True b. False Indicate whether the statement is true or false
"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded is referred to as
a. equilibrium b. the law of demand. c. the relationship between demand and income. d. the definition of a normal good.