With a monopolist's outcome, producer surplus is:
A. higher than that of a competitive market.
B. lower than that of a competitive market.
C. the same as that of a competitive market.
D. Any of these is possible.
A. higher than that of a competitive market.
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If net exports is negative, it must be the case that ________.
A. more goods are being exported than imported B. the value of goods, services, and resources exported is less than the value imported C. more goods are being imported than exported D. the value of goods, services, and resources imported is less than the value exported
Specialization can occur because
A) governments pass laws that require it. B) varying skills differentiate workers. C) absolute advantage creates specialization among laborers. D) managers and laborers share job tasks.
The law of demand refers to the: a. decrease in price that results as more units of a product are demanded
b. increase in price that results from an increase in demand for a good of limited supply. c. inverse relationship between the price of a good and the quantity demanded. d. increase in the quantity of a good made available when its price increases.
Economic policies often have effects that their architects did not intend or anticipate
a. True b. False Indicate whether the statement is true or false