In the antebellum period, the "Old Northwest" became the leading producer of
a. fresh fruits and vegetables.
b. cotton.
c. pork.
d. dairy products.
c. pork.
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Institutions:
A) are mostly outside of human control. B) place constraints on human behavior, and these constraints may not be absolute. C) cannot be changed over time. D) do not affect incentives.
If a customs union leads to a large amount of trade diversion relative to trade creation, it may be beneficial to world welfare
Indicate whether the statement is true or false
The learning curve
A) is really no different from a marginal cost curve. B) calculates average cost at a particular point in time. C) shows the decrease in unit cost as more of the same product is produced over time. D) None of the above
In the short run, how will a profit-maximizing monopolist react if its marginal cost suddenly increases? It will
a. lower price to expand revenue possibilities b. restrict output to extract a higher price from customers c. maintain the current price if profit is still positive d. increase plant size to lower marginal cost e. decrease plant size to lower marginal cost