When economists look at comparative advantage and test to see if the theory works in data, they find:
Ans: that the Hecksher-Ohlin mode somewhat hold sand Ricardian models holds in data.
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According to social interest theory, ________
A) price regulations are unconstitutional B) regulation helps markets achieve efficiency C) monopoly practices last forever D) unregulated firms try to avoid creating deadweight loss
Refer to the graph below for a monopoly. Assuming this were a perfectly competitive market, then the price and quality would be shown at the point of intersection between the
a. MC and AR curves.
b. MC and MR curves.
c. ATC and AR curves.
d. MC and ATC curves.
The accumulation of machinery and buildings used in the production of new goods and services is referred to as
a. production factors. b. output factors. c. capital. d. equity.
Recall the Application about price discrimination using refillable soda bottles to answer the following question(s).Recall the Application. Price discrimination using recyclable soda bottles will work only if:
A. some consumers will buy the soda only if given a discount. B. all consumers are willing to buy the soda at the higher price. C. all consumers will not buy the soda at the lower price. D. the seller can only sell the refillable bottles for more than twice the cost of producing it.