The nation as a whole is better off from trade as long as the gains from the winners exceed the losses from the losers
Indicate whether the statement is true or false
TRUE
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The resources that firms use in? production, including? land, buildings, and? equipment, are called
A. Factors B. Factor markets include all the resources firms use in their production C. Capital, land, buildings D. To produce out put
In a market where there are strong social and political forces:
A. quantity demanded might not equal quantity supplied. B. quantity demanded will be expected to equal quantity supplied. C. the invisible hand will overcome all other forces. D. the market will be in disequilibrium.
Consider an unregulated monopoly in Figure 13.2. The firm's profit at the profit maximizing output level is:
A. $600,000. B. $400,000. C. $200,000 D. $0.
The marginal rate of substitution measures
A. the consumer's willingness to substitute one product for another so that marginal utility will remain unchanged. B. the consumer's willingness to substitute one product for another so that total utility will remain unchanged. C. the changes in marginal utility along the indifference curve. D. the impact of product substitution.