If countries have similar factors of production and similar productivities, most of their trade is likely to be intraindustry
Indicate whether the statement is true or false
TRUE
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The Laffer curve belongs to which of the following schools of economic thought?
A. Keynesian B. Supply-side C. Demand management D. Classical
The downward-sloping demand curve of a monopolistic competitor:
A. reflects product differentiation. B. ensures that the firm will produce at minimum average cost in the long run. C. indicates collusion among the members of the product group. D. becomes horizontal in the long run.
Which statement is false?
A. The minimum point of the AVC curve is the shutdown point. B. The minimum point of the ATC curve is the breakeven point. C. The firm's short-run supply curve runs up the marginal cost curve from the shutdown point all the way up the curve. D. None of these statements are false.
Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound. Robinson's marginal utility is 30 for the last pound of mangos purchased and 10 for the last pound of bananas
If Robinson maximizes his utility from consuming these goods, the price of bananas is A) $0.50 per pound. B) $1 per pound. C) $2 per pound. D) $3 per pound.