A monopolist earns a profit whenever
a. total revenue equals total cost
b. marginal revenue equals marginal cost
c. price exceeds average variable cost
d. marginal revenue is positive
e. price exceeds average total cost
E
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Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Morocco consume?
A) 60 B) 70 C) 90 D) 120
If one nation can produce greater quantities of a good than another nation, it has a(n) a. comparative advantage in producing that good
b. absolute advantage in producing that good. c. absolute advantage, but a comparative disadvantage in producing that good. d. comparative advantage, but an absolute disadvantage in producing that good.
A change in a consumer's feelings about the desirability of a good will result in an altered slope of the budget constraint
Indicate whether the statement is true or false
The process of steady increase in the quantity and quality of goods and services the economy can produce is called:
A. aggregation. B. production. C. globalization. D. economic growth.