If India has an absolute advantage in rug production when compared to England, then:
A. India should export rugs to England.
B. England should export rugs to India.
C. India uses fewer resources to produce rugs than England.
D. England uses fewer resources to produce rugs than India.
Answer: C
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What is the profit-maximizing rule for a monopolistically competitive firm?
A) to produce a quantity that maximizes market share B) to produce a quantity that maximizes total revenue C) to produce a quantity such that price equals marginal cost D) to produce a quantity such that marginal revenue equals marginal cost
If the equilibrium price of an hour with a tax accountant is $65 and the market price is currently $55, then there is a
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A(n) ______ statement is a subjective, contestable statement that attempts to describe what should be done.
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