If the quantity of one good that must be forgone increases as successive units of another good are produced, then there is said to be increasing opportunity cost between the two goods.
Answer the following statement true (T) or false (F)
True
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Answer the following statements true (T) or false (F)
1. The measure of elasticity will be the same at any place along a given straight-line, slanted demand curve. 2. If 1,000 units of a particular good would be purchased at 40 cents per unit but only 750 units would be purchased at 50 cents per unit, the demand for the good is inelastic. 3. Graphically, perfectly elastic demand is represented by a straight horizontal line. 4. It is possible for a change in the price of one commodity to lead to a change in the demand for another commodity. 5. Any time the market price moves away from its equilibrium position to a lower price, market action will tend to force it further away from its original equilibrium position.
When new entrants into a competitive market have higher costs than existing firms,
a. accounting profits will be the primary determinant of entry into the market. b. sunk costs become an important determinant of the short-run entry strategy. c. market price will rise. d. long-run supply is constant.
When beneficial externalities are present in a market, the actual output will be
A. greater than the optimal output. B. smaller than the optimal output. C. equal to the optimal output. D. either smaller or greater than the optimal output.
A customs broker or other import consultant can help an importer minimize import duties by ________.
A) bypassing duty rebates available through drawback provisions B) incurring duties by using non-bonded warehouses and foreign trade zones C) maximizing liability by improperly marking an import's country of origin D) valuing products in such a way that they qualify for more favorable duty treatment