In an open economy, the quantity demanded of bikes in the domestic market is ________.
A. 20,000
B. 80,000
C. 50,000
D. 100,000
Answer: A
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Suppose a country's net exports equal -$2.1 billion. Which of the following will happen if the volume of exports increases by $3 billion without any change in the volume of imports?
A) The country's net exports will stand at -$5.1 billion. B) The country's net exports will stand at zero. C) The country's net exports will stand at -$0.9 billion. D) The country's net exports will become positive.
If demand is inelastic, an increase in the price of a good will cause total revenue to:
a. fall. b. remain constant since the decrease in quantity sold is exactly offset by the price increase. c. rise. d. rise if it is a normal good and fall if it is an inferior good.
Unlike a perfectly competitive firm, a monopolistically competitive firm can incur a loss in the long run
a. True b. False Indicate whether the statement is true or false
Suppose that a drug for treating cancer is cleared by the Food and Drug Administration and that the company is successful in obtaining a patent for its product. Which of the following is then TRUE?
A) The patent holder now faces barriers to entry. B) The method of producing the product would not be considered intellectual property. C) The patent holder has a monopoly. D) The drug would have many close substitutes.