A country that creates competitive advantage where there are not comparative advantages misallocates its resources and has lower national well-being
Indicate whether the statement is true or false
TRUE
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The following graph depicts demand. 
The price elasticity of demand at point D is:
A. 2/5. B. 2. C. 1/2. D. 5/2.
The initial supply and demand curves for a good are illustrated in the above figure. If there is a rise in the price of a factor of production used to produce the good, then the new equilibrium price
A) is less than $6. B) is $6. C) is more than $6. D) could be less than, equal to, or more than $6.
Government capital consists of
A) money owned by the government. B) securities owned by the government. C) the buildings owned by the government in Washington, D.C. D) long-lived physical assets owned by the government.
A monopoly or group of firms acting together as a monopoly
a. cannot perform the economic task of resource allocation b. allocates resources in the most efficient way possible c. misallocates resources by producing more output than a competitive industry would d. misallocates resources by producing where the marginal benefit of the final unit produced exceeds its marginal cost e. misallocates resources by producing where the marginal benefit of the final unit produced is less than its marginal cost