Which of the following products is most likely to be produced by a perfectly competitive firm?
a. color televisions
b. breakfast cereal
c. legal services
d. corn
e. notebook computers
D
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Refer to the above figure. Medicare subsidies have increased the price of medical services to Ps. The quantity demanded of medical services is
A) QM. B) Q0. C) Qd. D) undetermined without more information.
Once a new technology spreads and is adopted by many countries:
A. the first country to use it may lose its comparative advantage. B. the country will have to have strict intellectual property rights protections in place. C. other countries will perfect it, putting them at an absolute advantage. D. the first country to use it will lose its absolute advantage.
When the amount of sales is large, but each sale has a low value, cheating on a cartel arrangement can significantly increase an individual firm's profits and is thus tempting
a. True b. False Indicate whether the statement is true or false
Which of these is not a beneficial supply shock?
What will be an ideal response?