Which retail operation would have the highest costs per book sold?
a. a small independent bookstore
b. a large retail bookstore chain
c. an Internet seller of books
d. All would have the same costs.
a
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What happens in the long run if firms in a monopolistically competitive industry are earning positive economic profits? Explain
What will be an ideal response?
If the nominal exchange rate rises 5%, domestic inflation is 2%, and foreign inflation is 3%, what is the percent change in the real exchange rate?
A) 8% B) 6% C) 4% D) 2%
A firm will purchase additional units of a resource as long as each unit's
a. marginal revenue product is greater than zero b. marginal revenue product equals the product price c. marginal revenue product is greater than or equal to its marginal resource cost d. marginal revenue product is less than its marginal resource cost e. total revenue product is greater than its marginal resource cost
If two countries produce both wheat and sugar and one country has the comparative advantage in producing wheat than the other country must have the absolute advantage producing sugar
a. True b. False Indicate whether the statement is true or false