Total profit is always maximized when __________ equals ____________.
Fill in the blank(s) with the appropriate word(s).
marginal cost; marginal revenue
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Once international trade occurs, a country with a comparative advantage in the production of a good will ________ production of the good and ________
A) decrease; import the good B) increase; export the good C) not change; import the good D) increase; import the good E) decrease; export the good
Distinguish between a change in demand and a change in quantity demanded
What will be an ideal response?
Average real wages have not risen significantly since approximately 1973.
Answer the following statement true (T) or false (F)
Which scenario below most accurately describes the process by which a technological change can affect employment patterns across industries?
A) A technological advance makes it possible to produce more of good X with less labor. As a result, labor is released from producing good X. Some of this labor ends up producing goods Y and Z. B) A technological advance makes it possible to produce less of good X with less labor. As a result, labor is released from producing good X. Some of this labor ends up producing good Y. C) A technological advance makes it possible to produce more of good X with more labor. As a result, more labor is needed to produce good X. There is less labor available to produce goods Y and Z. D) A technological advance makes it possible to produce more of good X with less labor. As a result, labor becomes more important to the production of good X. More labor ends up producing good X. E) none of the above