Perfect competition arises if the ________ efficient scale of a single producer is ________ relative to the demand for the good or service
A) minimum; small
B) minimum; large
C) maximum; small
D) maximum; large
A
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The figure above shows Mollie's Mugs' costs of producing mugs. The mug market is perfectly competitive
If the market price of a mug falls to $5 and Mollie's shuts down temporarily, its total variable cost is ________ an hour and it incurs an economic loss of ________ an hour. A) $160; $280 B) $8; $14 C) $0; $120 D) $0; $6
John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. Which of the following statements is correct?
a. Harry has a comparative advantage in ironing. b. Harry has a comparative advantage in typing. c. Harry has an absolute advantage in typing. d. Harry has an absolute advantage in ironing. e. Neither can gain from specialization and exchange.
An increase in a nation's trade deficit occurs when that nation's exports rise and/or its imports fall
a. True b. False Indicate whether the statement is true or false
Use the information from the below table to answer following question(s).
In the above table, the marginal product of the fourth worker is
A. 30. B. 20. C. 25. D. 15.