In the long run, if imports increase, then exports
A) will not change.
B) will decrease.
C) will also increase.
D) will become zero.
C
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A firm that can sell essentially the same product with the same quality under different brand names that have different perceived quality, the firm
A) has a moral hazard problem. B) creates noise in the market. C) creates an arbitrage opportunity. D) is engaging in unfair trading practices.
An example of human capital is:
A. plumbing skills. B. a wrench. C. a manual on how to install a sink. D. a wedding dress.
If the price elasticity of demand for a product measures .45,
a. this good has many available substitutes. b. this good must be a nonessential good. c. this good is a high-priced good. d. a decrease in price will increase total revenue. e. this good is demand price inelastic.
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Currently in sector Y, price is
A. equal to average cost. B. less than average cost. C. greater than average cost. D. More information is needed to answer the question.