Which of the following is NOT present in a perfectly competitive market?
A) profit maximizing firms
B) an economic profit in the long run
C) price taking behavior
D) identical products
B
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When the supply and demand of currencies in the foreign exchange market determines their relative values, this is known as
A) flexible exchange rates. B) depreciation. C) fixed exchange rates. D) appreciation.
The country known for its use of industrial policy
a. the United States b. Japan c. Hong Kong d. Singapore e. All of the above
If macaroni and cheese is an inferior good, what would happen to the equilibrium price and quantity of macaroni and cheese if consumers' incomes rise?
a. Both the equilibrium price and quantity would increase. b. Both the equilibrium price and quantity would decrease. c. The equilibrium price would increase, and the equilibrium quantity would decrease. d. The equilibrium price would decrease, and the equilibrium quantity would increase.
The geographical distribution of resources such as skilled labor has little effect on firm location decisions
Indicate whether the statement is true or false