In the short run, a perfectly competitive firm can make a profit, a loss, or shut down.
Answer the following statement true (T) or false (F)
True
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Figure 13-3
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Oligopolist A cuts price in an attempt to enlarge his share of the market. His competitors retaliate with identical price cuts. In this case, in Figure 13-3, oligopolist A will move from point A to which point?
A. B B. C C. D D. E
Which of the following best defines the vicious circle of poverty?
a. Countries are poor because of lack of education and training for workers. b. Countries are poor because of poor international credit. c. Countries are poor because of high population growth. d. Countries are poor because they cannot afford to save and invest.
The World Trade Organization is called _______________ because it involves many, if not most, of the nations in the world.
a. a bilateral trade organization b. a trilateral trade organization c. a multilateral trade agreement d. a quasi-political trade organization
Congressional repeal of an executive action taken in the course of administering a law is known as a
a. line-item veto. b. legislative veto. c. discretionary veto. d. political veto.