If the output price of a product rises, the demand for capital will increase, raising the rental price of capital
a. True
b. False
Indicate whether the statement is true or false
True
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NAFTA is an example of a free trade area consisting of the United States, Canada, Mexico, and the European Community
Indicate whether the statement is true or false
Relative to a closed economy, if Utopia opened itself to trade, domestic tile producers would
A. produce the same amount of tile. B. produce 150 fewer cases of tile. C. produce 100 fewer cases of tile. D. produce 150 more cases of tile.
For the monopolistically competitive firm, in both the short run and the long run
A) the demand curve is inelastic. B) price will exceed marginal cost. C) there will be no economic profit. D) production will be at minimum average cost.
Refer to the information provided in Table 13.4 below to answer the question(s) that follow. Table 13.4Price ($)Quantity20.00118.00216.00314.00412.00510.006 8.007Refer to Table 13.4. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $4 per unit of providing the product, then the monopoly maximizes its profits by charging ________ per unit and selling ________ units of output.
A. $16; 3 B. $12; 5 C. $10; 6 D. $18; 2