The market demand curve is simply the vertical sum of the individual demand curves for all consumers in the market
Indicate whether the statement is true or false
false
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If worker productivity is the same in each country, outsourcing and labor migration will both result in an equalization of wages across the two countries.
Answer the following statement true (T) or false (F)
When the price of the same product varies by locational attributes, it is an example of:
A) predatory pricing. B) first-degree price discrimination. C) second-degree price discrimination. D) third-degree price discrimination.
Economic efficiency in a competitive market is achieved when
A) producer surplus equals the total amount firms receive from consumers minus the cost of production. B) the marginal benefit equals the marginal cost from the last unit sold. C) consumers and producers are satisfied. D) economic surplus is equal to consumer surplus.
The slope of the short-run aggregate supply curve depends on how sharply: a. the marginal cost of production rises as real GDP expands. b. the average cost of production rises as real GDP expands. c. real GDP increases as the price level rises
d. nominal GDP increases as the price level rises. e. product prices change as the price level rises.