The product supplied by a monopoly firm has
a. a few substitutes.
b. no close substitutes.
c. a large number of substitutes.
d. two or three close substitutes.
b
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In the long run:
A) all factors of production are fixed. B) only some inputs of a firm can be changed. C) all firms earn positive economic profits. D) all factors of production can be changed.
Leontief showed that U.S. exports were capital intensive relative to U.S. imports
Indicate whether the statement is true or false
In 2002, this company was estimated to hold the largest share of the U.S. burger market:
A) McDonald's. B) Burger King. C) Wendy's. D) none of the above.
Which of the following statements exemplifies a principle of individual decisionmaking?
a. Trade can make everyone better off. b. Governments can sometimes improve market outcomes. c. The cost of something is what you give up to get it. d. All of the above are correct.