Profits can be maximized by equating MR = MC = Price
A) only in perfectly competitive markets.
B) only in monopoly markets.
C) only in discriminating monopoly markets.
D) only with government price controls.
Answer: A
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When a nation has a comparative advantage in the production of a particular good
A) the nation tends to avoid specialization. B) the comparative advantage encourages self-sufficiency. C) the opportunity cost of producing that good is higher than that of other goods. D) the nation can gain from trade.
Discuss the main factors affecting the position of the DD schedule
What will be an ideal response?
Suppose you were the president of the Dayton National Bank, the only bank in Dayton, Ohio. You wanted to borrow money from the Fed. You pick up the phone to ask the Fed what today's _____________ is because that's the rate the Fed charges member banks who borrow from it
a. prime rate b. federal funds rate c. discount rate d. federal reserve rate e. federal bank rate
From these figures we can conclude that
A. China has a comparative advantage in rice.
B. China has a comparative advantage in radios.
C. the United States has a comparative advantage in radios.
D. neither has a comparative advantage in these two goods.