The single source of monopolies is economies of scale.
Answer the following statement true (T) or false (F)
False
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Explain two different ways to determine the profit-maximizing level of output for a firm in a perfectly competitive market
What will be an ideal response?
Who is counted as employed or unemployed in the unemployment statistics? What groups in society are not represented at all in the unemployment statistics (i.e., who is not a part of the civilian labor force)? How is the unemployment rate measured?
The commercial value of ivory is a threat to the elephant, but the commercial value of beef is a guardian of the cow. This is because
a. the cow is raised in developed countries, while the elephant lives primarily in less-developed countries. b. cows are private goods, while elephants tend to roam freely without owners. c. cows and elephants are public goods, but ivory is nonrival. d. ivory is nonrival and nonexclusive, but beef is rival and exclusive.
When one country can produce a good more efficiently than another country:
A. both can specialize in the industry in which they have comparative advantage and experience mutual gains. B. that country can specialize in that good and choose only to export goods. C. that country should produce that good and be the sole "winner" of trade. D. that country has no basis for trading with another nation.