In a perfectly competitive market, if the price of a good is higher than the average total cost of production for the quantity produced, the firm will suffer losses
a. True
b. False
Indicate whether the statement is true or false
False
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In the table above, how many jackets must Mary forgo for every dress she makes?
A) 2/3 of a jacket B) 12 jackets C) 3/4 of a jacket D) 8 jackets E) 1 1/2 jackets
Creative destruction is one of the negative effects of market competition
Indicate whether the statement is true or false
When you watch a professional football game, you may see the Nike swoosh on the players' jerseys. When you see people on the street, you may see people wearing Nike T-shirts or Nike shoes. It seems, at times, most everybody sports that swoosh. You are likley to say: "Gosh, Nike must be a monopoly.". But think twice. Is it? To define the market it's in, it would be most helpful if you had
information concerning a. its prices relative to those of other firms producing similar goods, such as Reebok b. the shape of its demand curve c. its cross elasticities of demand with other goods and its market share d. whether or not brand loyalty exists e. whether it advertises or not
The current account balance does NOT equal
A. net foreign investment. B. the difference between domestic product and domestic expenditure. C. the difference between government saving and government investment. D. the difference between national saving and domestic investment.