According to this Application, what is home equity?
A) the difference between the value of homes and the amount of mortgage debt on the property
B) the value of homes less the value of the property on which the homes are sitting
C) the value of homes plus the value of the content in the homes
D) the average retail value of homes listed for sale
A
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Fill in the blank: Firms under perfect competition would enjoy ________ market power
A) absolutely no B) some C) much D) total
The ability of a firm to charge a price greater than marginal cost is called
A) market power. B) monopoly power. C) price-making power. D) cost-plus pricing.
Trade between nations is based on absolute advantage, which occurs when a country has a lower opportunity cost of producing a good
a. True b. False Indicate whether the statement is true or false
When a perfectly competitive firm experiences positive economic profits in the short run
A) the high barriers to entry prevent further competition. B) existing firms exit the industry. C) new firms enter the industry. D) firms have no incentive to exit or enter the industry.