The profit maximizing markup (over MC) is given by
A. elasticity + 1.
B. elasticity2.
C. elasticity.
D. 1/elasticity.
Answer: D
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When a price-taking country joins the global market for some good, it:
A. shifts the world demand and supply to the right. B. has a negligible effect on the world equilibrium. C. shifts the world demand and supply to the left. D. shifts the world demand to the right, and the world supply to the left.
A limit on the dollar worth of oranges imported into the United States is an example of a quantity quota
a. True b. False Indicate whether the statement is true or false
As of the year 2000, agriculture accounted for what percentage of total U.S. output?
A. 8 percent. B. 5 percent. C. 1 percent. D. None of the choices are correct.
Per Capita Real GDP
What will be an ideal response?