The short-run supply curve for a perfectly competitive firm is the portion of its
A. MC curve above the ATC curve.
B. ATC curve below the MC curve.
C. MC curve above its AVC curve.
D. ATC curve above the MC curve.
Answer: C
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In its long-run equilibrium, a firm in monopolistic competition
A) makes zero economic profit and operates with excess capacity. B) makes zero economic profit and produces above capacity output. C) makes a positive economic profit and operates with excess capacity. D) makes a positive economic profit and produces above capacity output.
The efficient markets hypothesis implies that future changes in exchange rates should for all practical purposes be
A) unpredictable. B) set by each country. C) increasing. D) pegged to a standard such as the U.S. dollar or the Euro.
When a country's government budget deficit increases,
a. the real exchange rate of its currency and its net exports increase. b. the real exchange rate of its currency and its net exports decrease. c. the real exchange rate of its currency increases and its net exports decrease. d. the real exchange rate of its currency decreases and its net exports increase.
The Trade Adjustment Assistance program is intended to help
A. businesses that seek to expand exports into protected foreign markets. B. local governments that are harmed when businesses fail as imports increase. C. protected industries obtain improved technology in order to increase productivity. D. workers and businesses that lose markets because of increases in imports.