Total cost divided by quantity of output is
a. average variable cost
b. average total cost
c. average fixed cost
d. marginal cost
e. total variable cost
B
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If the world price is above the domestic "no-trade" equilibrium price, then with international trade, the shortage caused in the domestic market can be met by foreign imports
a. True b. False Indicate whether the statement is true or false
To be able to engage in profit-maximizing price searching, a monopoly firm must be able to
A) prevent the entry of other firms into the market for its product. B) induce the entry of other firms into the market for its product. C) avoid earning negative economic profits in the short run. D) always earn zero economic profits.
If the value of net exports is positive, then
A. exports equal imports. B. exports exceed imports. C. imports exceed exports. D. imports are zero.
The Federal Reserve was created in
A. 1893. B. 1913. C. 1921. D. 1933.