According to the graph shown, if this were depicting an autarky economy, the equilibrium price would be:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. $23
B. $16
C. $11
D. $45
B. $16
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Dumping occurs when a foreign firm ________
A) pollutes international waters B) disposes of waste materials in other countries C) sells inferior output to foreigners D) sells its exports at a lower price than its cost of production
Under what conditions will a firm's long-run producer surplus exceed their economic rents?
A) The firm requires land resources in the production process. B) The firm has access to specialized tools or technology that other firms do not own. C) The firm has access to knowledge or human capital that other firms do not own. D) The firm is operating in an imperfectly competitive market.
In the IO perspective, it is important to enter an industry with
a. High barriers to entry b. High buyer power c. High supplier power d. All of the above
What fraction of this tax is borne by the workers?
Suppose the supply of labor is W – t = 10H, where W is the gross wage, t is the tax (in dollars), and H is labor hours. The demand for labor is W = 120 – 2H. a) 1/6 b) 2/6 c) 3/6 d) 4/6 e) 5/6