A bumper crop of wheat could be bad news to farmers if the price elasticity of demand for wheat is greater than one.
Answer the following statement true (T) or false (F)
False
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Why are the actions of firms interdependent in an oligopoly market but not in a monopolistically competitive market?
Opportunity cost can best be defined as
A) the interest cost of financing a business loan at the bank. B) the value of all of the alternatives sacrificed. C) the value of the next-highest-ranked alternative. D) There is no real definition for opportunity cost.
Interindustry trade is not based on comparative advantage since it consists of the export and import of similar goods
Indicate whether the statement is true or false
In the short run, as output increases,
A. the difference between total cost and average variable cost decreases. B. marginal cost eventually decreases. C. the difference between average total cost and average variable cost decreases. D. All of the above are correct.