If the firm were a perfect competitor in the long run, how much would its price be?
$130
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Economics is similar to other social science disciplines in that it examines individual and social behavior
Indicate whether the statement is true or false
Which statement makes sense? a. Fixing exchange rates causes currency markets to reach equilibrium quickly. b. Having an absolute advantage in the production of goat cheese means the country will specialize in and produce all of the goat cheese traded
c. Arbitrage opportunities are quickly taken. d. Floating exchange rates reduce uncertainty in the currency markets. e. When the dollar depreciates, U.S. consumers can buy more imported goods.
Which of the following observations concerning labor cost patterns over the last century is true?
a. Average real wages started rising after 1973. b. Hourly compensation rates have fallen dramatically. c. Compensation growth slowed markedly. d. Average hours worked per week have increased by almost 50 percent.
Suppose we were analyzing the Turkish lira per euro foreign exchange market. If Turkey's real GDP falls relative to the Euro-Area and nothing else changes, then the:
a. The supply of euros in the foreign exchange market rises, and the euro depreciates. b. The demand for euros in the foreign exchange market rises, and the euro appreciates. c. The demand for euros in the foreign exchange market falls, and the euro depreciates. d. The supply of euros in the foreign exchange market falls, and the demand for euros in the foreign exchange market falls, causing the euro to rise in value. e. The supply of euros in the foreign exchange market rises, and the demand for euros in the foreign exchange market falls, causing the euro to fall in value.