As the dollar price of a foreign currency (for example, dollars per yen) decreases, foreign goods will be __________ expensive, __________ foreign goods will be purchased, and __________ foreign currency will be demanded
A) less; more; more
B) less; more; less
C) more; fewer; less
D) more; fewer; more
A
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A perfectly competitive firm cannot affect the market price by raising or reducing its supply of a product
a. True b. False Indicate whether the statement is true or false
Which of the following is true in the long run for both monopoly and perfectly competitive industries?
A. There are low barriers to entry. B. Firms can earn positive economic profits in the long run. C. Firms produce at levels that are economically efficient. D. Firms will go out of business if they cannot charge a price that is at least equal to average total cost.
Regulation that is based on allowing prices to reflect only the actual operating cost of production is known as
A) average cost regulation. B) marginal cost regulation. C) rate-of-return regulation. D) cost-of-service regulation.
Microeconomic models are used to
A) make predictions. B) explain real-life phenomena. C) evaluate policy alternatives. D) All of the above.