When an importing country compels the foreign exporting country to agree "voluntarily" to restrict its exports to this country, the exporting firms in the foreign country are worse off than they would be if the importing country had instead imposed a comparable import quota.
Answer the following statement true (T) or false (F)
False
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In perfect competition, the price of the product is determined where the market
A) elasticity of supply equals the market elasticity of demand. B) supply curve and market demand curve intersect. C) average variable cost equals the market average total cost. D) fixed cost is zero.
The only way that the family can consume more and enjoy a higher standard of living is to:
A. increase the amount each person produces. B. decrease the amount each person produces. C. increase how many people are in the family. D. increase both how many people are in the family, and the amount each one produces.
Which of the following is true if the total variable cost curve is rising?
a. Average fixed cost is increasing. b. Average fixed cost is constant. c. Marginal cost is decreasing. d. Marginal cost is increasing.
Figure 17.1 depicts a firm's marginal revenue product curve. If the firm maximizes its profit and the hourly wage is $12, how many hours of labor will the firm demand?
A. smaller than 30 hours B. between 30 hours and 40 hours C. between 40 hours and 50 hours D. greater than 50 hours