Comparative advantage refers to the ability to produce better quality goods than a competitor.
Answer the following statement true (T) or false (F)
False
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Interdependence in pricing may leading to
A) predatory pricing. B) price-fixing agreements. C) price bundling. D) shifts in elasticities.
Which of the following is not a leading economic indicator?
a. Prices of common stock b. Number of new businesses formed c. Unemployment rate d. New orders for plants and equipment
When studying how some event or policy affects a market, elasticity provides information on the
a. change in the costs of production. b. tradeoff between equality and efficiency. c. effect on the budget deficit or surplus. d. direction and magnitude of the effect.
The amount of output produced by an average worker in one hour is
A. the marginal product of labor. B. labor productivity. C. the marginal revenue product of labor. D. a production quota.