The export supply curve is the portion of the domestic supply curve below the no-trade equilibrium price
a. True
b. False
Indicate whether the statement is true or false
False
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The profit-maximizing monopolist will never operate in a price range over which
A) the demand curve slopes downward. B) demand is inelastic. C) P > MR. D) P > MC.
If a firm shuts down, its
A. fixed costs remain unchanged. B. revenue will fall to zero. C. short-run variable costs will fall to zero. D. All of the responses are correct.
In order to measure what a country produces, we:
A.) Summarize total output in physical terms. B.) Count units of output. C.) Count the weight of different products. D.) Summarize the monetary value of output.
If the economy experiences inflation and economic growth, this means that aggregate demand grows by more than aggregate supply
a. True b. False Indicate whether the statement is true or false