If the slopes of the ________ involving corn and wheat in the United States and Canada are equal, specialization does not benefit either country.
A. production possibility frontiers
B. marginal revenue curves
C. supply curves
D. demand curves
Answer: A
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A merger between two firms occurs when
a. two firms agree to work temporarily on a single project, which is why we constantly read about mergers occurring and splitting up b. one firm splits into two or more firms, such as General Motors splitting into divisions of Buick, Pontiac, and so on c. each of the two firms agrees not to sell in each other's markets d. the two firms become one firm, as in the newspaper industry when the Chicago Sun and the Chicago Times became the Chicago Sun-Times e. one firm quits the industry and another takes over its market share
The poverty rate in 2008 was _________ the poverty rate in 1960.
A. much lower than B. a little lower than C. about the same as D. a little higher than
Which of the following market structures is characterized by the absence of market power?
A. Oligopoly. B. Perfect competition. C. Monopoly. D. Monopolistic competition.
A firm's profit equals:
A. (P ? ATC) ÷ Q [(price minus average total cost) divided by the quantity sold]. B. (P ? ATC) × Q [(price minus average total cost) times the quantity sold]. C. P ? MC [price minus marginal cost]. D. P × Q [price times the quantity sold].