Figure 18.1Refer to Figure 18.1. ________ has a comparative disadvantage in bicycles and ________ has a comparative disadvantage in hang gliders.
A. The United States; the United States
B. The United States; Canada
C. Canada; the United States
D. Canada; Canada
Answer: B
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In the long run, a firm will exit an industry if the market price is less than its
a. break-even price. b. shutdown price. c. marginal cost. d. fixed cost.
Other things equal, a reduction in personal income taxes will decrease consumption and will have an expansionary effect on real GDP
a. True b. False Indicate whether the statement is true or false
A tax of $1 on buyers shifts the demand curve downward by exactly $1
a. True b. False Indicate whether the statement is true or false
When a new airline opens service between two major cities, the supply of airline seats ____ and the supply curve of airline seats shifts ____. Question 22 options:
A. increases; leftward B. decreases; leftward C. increases; rightward D. decreases; rightward E. increases; does not change