Domestic firms often claim that foreign firms have an unfair advantage because foreign workers are willing to work for very low wages
a. True
b. False
Indicate whether the statement is true or false
True
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In the above figure, when the efficient quantity of gloves is produced, the total consumer surplus is
A) $3,000. B) $15,000. C) $22,500. D) $45,000.
Which of the following is true of M1? a. It is equal to M2
b. It consists of all near-monies. c. It consists of certificates of deposit. d. It is the broader definition of money. e. It is only a fraction of M2.
Answer the following questions true (T) or false (F)
1. The long run average cost curve is also known as the planning curve. 2. The long run equilibrium of the firm under conditions of perfect competition will occur at that output level where the product price is equal to both the firm's marginal and average total costs. 3. An isoquant reflects the combination of products that minimizes the cost of production.
Suppose that when the price of oranges decreases, Sarita decreases her purchases of peaches. To Sarita,
A) oranges and peaches are complements. B) oranges and peaches are inferior goods. C) oranges and peaches are normal goods. D) oranges and peaches are substitutes.