Japan is generally considered an economy closed to foreign trade
a. True
b. False
B
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Refer to the scenario above. What is the value of having the extended warranty during the second year of ownership?
A) $16.52 B) $24.79 C) $40 D) $48.75
At the start of the Civil War, the population in the U.S. was about half that of the United Kingdom
Indicate whether the statement is true or false
How might command-and-control regulations be described?
a. Highly incentivized b. Easy to implement c. Inflexible d. Flexible
Which of the following statements best describes the price, output, and profit conditions of competitive price-searcher markets?
a. Price will equal marginal cost at the profit-maximizing level of output; profits will be positive in the long-run. b. Price will always equal average variable cost in the short run and either profits or losses may result in the long run. c. Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long run, economic profit will be zero. d. Marginal revenue will equal average total cost in the short run; long-run economic profits will be zero.