Firms in perfectly competitive industries are unable to control the prices of te products they sell and are unable to earn a profit in the long run. Which of the following is one reason for this?
Firms from other countries are able to produce similar products at lower costs.-D
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Suppose that the yen-dollar foreign exchange rate changes from 130 yen per dollar to 140 yen per dollar. Then the yen has
A) depreciated against the dollar, and the dollar has appreciated against the yen. B) depreciated against the dollar, and the dollar has depreciated against the yen. C) appreciated against the dollar, and the dollar has appreciated against the yen. D) appreciated against the dollar, and the dollar has depreciated against the yen.
The concept of inequality
A. has no economic meaning. B. applies to low income countries only. C. is an extension of relative poverty. D. is only a theoretical concept.
The marginal utility of a unit of good X
a. is always greater than the total utility of X. b. is always less than the average utility of X. c. generally depends on how much X the consumer already has. d. is always equal to the price of X.
When calculating the cost of college, which of the following should you probably include?
a. The cost of your meal plan for the cafeteria. b. The cost of books required for college classes c. The income you earn at your part-time job. d. The cost of living in the dormitory.