If Fredonia has a closed economy, it ________ with other countries.
A. does not negotiate
B. does not trade
C. trades
D. prevents its citizens from traveling to other countries but trades
Answer: B
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If we were the only two people in the world and I like bananas while you hate them, efficiency demands that I get all bananas.
Answer the following statement true (T) or false (F)
Monopolies can misallocate resources by restricting output in an attempt to raise prices and profits
a. True b. False Indicate whether the statement is true or false
Other things being equal, if a firm's marginal cost curve shifts upward at all output levels:
A. the average total cost curve remains unchanged at all output levels. B. the average variable cost curve remains unchanged at all output levels. C. the average fixed cost curve remains unchanged at all output levels. D. All of these
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $5, the price will
A. decrease because there is an excess demand in the market. B. decrease because there is an excess supply in the market. C. increase because there is an excess demand in the market. D. remain constant because the market is in equilibrium.