A market demand curve is
A. upward sloping.
B. perfectly inelastic.
C. perfectly elastic.
D. downward sloping.
Answer: D
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All externalities
a. cause markets to fail to allocate resources efficiently. b. cause equilibrium prices to be too high. c. benefit producers at the expense of consumers. d. cause equilibrium prices to be too low.
If Mexico has a comparative advantage in the production of oil compared to France, then
A. France has an absolute advantage in the production of oil. B. Mexico can produce oil at a lower opportunity cost than France. C. Mexico also has an absolute advantage in the production of oil. D. France cannot produce oil.
When the quantity of a good bought and sold is below the market equilibrium quantity, the loss of total surplus that results is called:
A. deadweight loss. B. producer surplus. C. consumer surplus. D. total surplus.
If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours, then
a. Sarah has a comparative advantage in shoemaking b. Daniel has a comparative advantage in shoemaking c. Sarah has an absolute and a comparative advantage in shoemaking d. Daniel has an absolute and a comparative advantage in shoemaking e. Sarah has an absolute advantage in shoemaking