If a firm in a perfectly competitive industry is producing at a point where TR equals TC and the market demand increases, then the firm will be making
a. economic profits; it will expand output.
b. economic profits; output will not change.
c. normal profits; output will expand.
d. normal profits; output will not change.
a. economic profits; it will expand output.
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When a specialized worker gains insights into a particular task that leads to better production methods, this is called
A) repetition. B) specialization. C) continuity. D) innovation.
Dumping refers to selling a product abroad at higher prices than the product is sold domestically
Indicate whether the statement is true or false
Theoretically, the price of a field hand on the New Orleans slave market would have
a. varied directly with the price of cotton. b. risen as interest rates fell. c. risen when the importation of slaves became illegal. d. All of the above are true.
Per capita GDP will definitely increase if
A. Population increases more rapidly than GDP. B. GDP and population increase at the same rate. C. Population and GDP decrease at the same rate. D. GDP increases more rapidly than population.