In the short run after a country engages in free trade, wages and land rents can be expected to rise in the expanding sector of the country.
Answer the following statement true (T) or false (F)
True
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A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $10 and the marginal cost is $8 and the marginal benefit of producing Product B is $2 and the marginal cost is $6. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.
A) more; less B) less; less C) less; more D) more; m
A player's best response is:
A. a strategy that provides him with a minimum payoff, assuming that other players behave in a specified way. B. a strategy that provides him with the highest possible payoff, assuming that other players behave in a specified way. C. a strategy that provides him with some payoff defined by a probability. D. None of these is correct.
In a market economy, goods are allocated to
A. all potential uses. B. all citizens on an equal basis. C. citizens with political power. D. citizens with both the desire and the willingness to pay for the goods.
Which of the following is true of the demand curve faced by a monopolistically competitive firm? a. The demand curve faced by a monopolistically competitive firm is kinked
b. The demand curve faced by a monopolistically competitive firm is downward-sloping. c. The demand curve faced by a monopolistically competitive firm is upward-sloping. d. The demand curve faced by a monopolistically competitive firm is horizontal.