Relative to a closed economy, if Utopia opened itself to trade domestic tile producers would 
A. produce 150 fewer cases of tile.
B. produce the same amount of tile.
C. produce 100 fewer cases of tile.
D. produce 150 more cases of tile.
Answer: C
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A monopoly can price discriminate between two groups of consumers if each group has ________
A) a large consumer surplus B) a different willingness to pay C) the same willingness to pay D) the ability to resell the good to the other group
You would expect that your firm is experiencing decreasing returns to scale if
a. Long run average costs increase with output b. Long run average costs decrease with output c. Long run average costs are constant with respect to output d. None of the above
Perfectly competitive markets are characterized by pronounced barriers to entry
a. True b. False Indicate whether the statement is true or false
Place point Z on the graph to indicate where the United States economy will most likely operate five years from now if we enjoyed an economic growth rate of 5 percent a year.
