The theory of comparative advantage describes the role of national resource availability on domestic competitiveness
Indicate whether the statement is true or false
Answer: False
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When a firm is able to engage in perfect price discrimination, its marginal revenue curve
A) lies below its demand curve. B) is the same as its demand curve. C) lies above its demand curve. D) is the same as its supply curve. E) is undefined because it does not exist.
Policy makers cannot achieve both price stability and economic activity stability when facing
A) temporary supply shocks. B) permanent supply shocks. C) demand shocks. D) all of the above.
What is measured on the vertical axis of the aggregate demand/aggregate supply model?
A) real Gross Domestic Product (GDP) B) nominal income C) the price level D) the interest rate
As market price increases in the short run, a profit-maximizing firm in a perfectly competitive market will expand output along its:
a. marginal cost curve. b. average total cost curve. c. average variable cost curve. d. market demand curve.