What is the domestic exchange equation of Portugal?
3 bottles of wine = 2 pairs of shoes
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An explicit cost is defined as
A) a cost that does not change as output changes. B) a nonmonetary opportunity cost. C) a cost that involves spending money. D) a nonmonetary accounting cost.
A concentrated industry has ________ that dominate a market.
A. an infinite number of firms B. a large number of firms C. three or fewer firms D. a relatively small number of firms
Determining the absolute advantage of a country requires that you look at
A. external costs. B. the output per worker in each country. C. accounting and economic profit. D. opportunity cost.
A change in the money wage rate shifts
A) both the SAS and LAS curves. B) the LAS curve but not the SAS curve. C) the SAS curve but not the LAS curve. D) neither the SAS nor the LAS curve.