Necessities and luxuries are both types of normal goods
a. True
b. False
A
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Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in
A) China retaliating by raising tariffs on some U.S. exports. B) China halting the sale of all products in the United States. C) U.S. firms never being able to meet the demand for U.S.-produced tires. D) the government demanding price cuts from U.S. tire manufacturers.
In the figure above, which of the following represents a real flow of a factor of production?
A) Labor B) Wages C) Goods bought D) Services sold E) Firms' expenditures on factors of production
The point of profit maximization for a monopolist is exemplified by
A) TR = TC. B) MR = MC. C) ATCmin. D) MR > MC.
Economic rent is that portion of a resource's total earnings that exceeds its opportunity cost
a. True b. False