Draw a graph of the monopolistic competitor in the long run in the graph below.
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A ________ is the privilege granted to an individual or company by the government, which gives them the sole right to produce and sell a good
A) brand B) patent C) copyright D) trademark
Which of the following would be most appropriate for the measurement of differences in the average standard of living of people at different points in time? Select one:
a. Nominal GDP b. Real GDP c. Nominal per capita GDP d. Real per capita GDP
The marginal product is the slope of the:
a. marginal cost curve. b. total cost curve. c. total product curve. d. long-run average total cost curve
According to ________, trade between two countries allows each of the trading countries to allocate its resources most efficiently.
A. the Heckscher-Ohlin theorem B. the theory of absolute advantage C. the theory of comparative advantage D. the General Agreement on Tariffs and Trade