Rational self-interest means
A) always increasing your wealth.
B) pursuing what makes you better off.
C) pursuing activities that maximize income.
D) always pursuing activities that are consistent with your faith.
Answer: B
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If the world price is above the domestic "no-trade" equilibrium price, then with international trade, the shortage caused in the domestic market can be met by foreign imports
a. True b. False Indicate whether the statement is true or false
Asymmetric information generally leads to efficient resource allocation.
Answer the following statement true (T) or false (F)
This monopolistic competitor is in the
A. short run making a profit.
B. short run taking a loss.
C. long run making a profit.
D. long run taking a loss.
The primary reason most oligopolists do not become monopolists is
a. inadequate profit b. disinclination to merge c. fear of government d. inability to prevent competitors from entering the industry e. inability to differentiate their goods