As a result of GATT, tariff rates in developed countries have decreased from 40 percent in 1948 to less than 4 percent today.
Answer the following statement true (T) or false (F)
True
The fact that tariffs have decreased from 40 percent in 1948 to 4 percent today shows the success of GATT and other trade forums at reducing protectionism.
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An increase in the price of a firm's good or service shifts its demand curve for labor leftward
Indicate whether the statement is true or false
A monopoly firm
a. has a short-run supply curve that slopes upward. b. is a price taker. c. does not have a supply curve. d. is at the mercy of the market-determined price.
Bob is given the right to make all the important decisions in an organization. This is an example of
A. centralized decision making. B. decentralized decision making. C. bundling. D. a nonstandard practice within a hierarchy.
Refer to Figure 13-16. Figure 13-16 depicts a monopolistically competitive barber shop. Use the diagram to answer the following questions
a. Suppose the average variable cost of production is $15 when output equals 110 haircuts and $15.25 when output equals 140 haircuts. If the firm wants to maximize its profit or minimize its losses, how many haircuts will it produce and what price should it charge? Explain your answer. b. Calculate the firm's profit or loss. c. What is likely to happen in this industry over time as it moves to its new long-run equilibrium? d. Suppose the barber shop depicted in the diagram remains in the industry. Is this barber shop likely to produce this same quantity of haircuts as in part (a) in the long run?