Advantages of specialization do not include:
a. reduced interdependence
b. the exploitation of comparative advantage.
c. the ability to utilize more complex production processes.
d. Productivity gains from learning by doing.
a
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Use the following graphs to answer the next question.
The long-run equilibrium for a monopolistically competitive firm is represented by graph
A. A. B. B. C. C. D. D.
The average (mean) price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:
A) $254.54. B) $354.54. C) $330.35. D) $450.25.
The financial market events of September and October 2008 ________
A) sparked a sharp widening of the credit spread B) signalled the success of the policy response to the financial crisis C) reduced some of the uncertainty that had paralyzed financial markets D) resulted from the federal funds rate having fallen below zero
A price ceiling that is set below the equilibrium price will cause:
A. total economic surplus to rise. B. producer surplus to fall. C. an increase in demand. D. quantity supplied to exceed quantity demanded.