The demand for ________ in a competitive industry depends on its productivity and upon how its product is valued in the marketplace.
A. only unskilled labor
B. only labor in general
C. only skilled labor
D. any factor of production
Answer: D
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Quebec is capable of producing 10 pallets of wood shingles or 8 barrels of maple syrup with a unit of labor. Vermont is capable of producing 12 pallets of wood shingles or 12 barrels of maple syrup with a unit of labor. Assume that this is typical of the labor force as a whole. Which location has the absolute advantage and which has the comparative advantage, in the production of each good? Can these locations reap gains from trade?
What will be an ideal response?
Marginal analysis examines the effects of additions to or subtractions from a current situation
a. True b. False Indicate whether the statement is true or false
During periods of stagflation, what happens to output and prices in the economy?
The rising part of a perfectly competitive firm’s ________ cost curve is the firm’s short run _________ curve.
A) average total; supply B) average variable; demand C) average fixed; demand D) marginal; supply