Which of the following does a monopoly control, that a perfectly competitive firm does not control?
a. how much to produce
b. technology
c. what price to charge
d. what inputs to use
e. plant size
C
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Which of the following situations will arise in the domestic market following the imposition of a voluntary export restraint?
A) imports increase, domestic production increases, prices increase B) imports decrease, domestic production increases, prices increase C) imports decrease, domestic production increases, prices decrease D) imports increase, domestic production decreases, prices decrease
Screening is when someone takes action to:
A. reveal one's own private information. B. find out the opportunity cost of acquiring more information. C. reveal private information about someone else. D. None of these statements is true.
In a two-country, two-commodity model, if a country has a comparative advantage in the production of a certain good, it implies that this country
A. also has an absolute advantage in the production of this good. B. can produce this good at a lower opportunity cost than the other country. C. will start importing this good from the other country. D. uses most of its resources in the production of this good.
Number of FigsVCMCAVCFCTCATC0???100??19090????2?????1353??80???4????400?Table 8.4Table 8.4 presents the cost schedule for David's Figs. If David produces two figs, David's average variable costs are:
A. $80. B. $85. C. $90. D. $170.