The Cournot model contains both competition and monopoly
Indicate whether the statement is true or false
T If n, the number of firms in Cournot's market, is large the result is competition but if n is one, the result is monopoly.
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For a perfectly competitive firm the break-even price is equal to the shutdown price in the short run
a. True b. False Indicate whether the statement is true or false
Refer to Figure 7.4. This isoquant exhibits:
A. increasing MRTSLK as we move to the southeast along the isoquant.
B. declining MRTSLK as we move to the northwest along the isoquant.
C. constant MRTSLK as we move along the isoquant.
D. declining MRTSLK as we move to the southeast along the isoquant.
What does NAFTA stand for?
A. North African Fair Trade Association B. North American Free Trade Agreement C. North Atlantic Flat Tax Association D. North Atlantic Favored Trade Association
Referring to Table 4.2, Box F should be filled with 
A. $0. B. $30. C. $40. D. $10.