How would you define "many" when we say there are "many firms in an industry"?
A. more than 5
B. more than 10
C. more than 25
D. So many that no one firm has any influence on price
D. So many that no one firm has any influence on price
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If in the short run a firm's total product is increasing, then its:
A. marginal product must also be increasing. B. marginal product must be decreasing. C. marginal product could be either increasing or decreasing. D. average product must also be increasing.
In the aftermath of the Great Recession
A. deflation concerns have subsided in the U.S, Japan, and Europe. B. the U.S., Japan, and Europe are all experiencing deflation. C. the deflation of the early 2000s has been reversed. D. policymakers in the U.S., Japan, and Europe are working hard to avoid deflation.
"International trade bestows benefits on countries through the international transmission of ideas." Do you agree or disagree? Explain
What will be an ideal response?
In the simple trade model, what is assumed about labor?
What will be an ideal response?