Referring to the diagram, which of the following statements is INCORRECT? 
A. If the individual firm raises its price, it will capture all sales in the market.
B. The equilibrium market price is $5, at which the industry demand and supply curves intersect.
C. The individual firm takes as given the market price along the perfectly elastic demand curve "d."
D. The individual firm faces the going market price as determined by the industry.
Answer: A
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Social capital is
a. the shared values and trust that promote cooperation in the economy b. the buildings and equipment used to produce goods and services c. a government regulation aimed at improving health and safety d. the accumulated knowledge, skill, and experience of the labor force e. the owner's own or borrowed money invested in a business
A decrease in the supply of an agricultural product will increase the total revenue of farmers if the demand for the agricultural product is
A) income elastic. B) income inelastic. C) price elastic. D) price inelastic. E) none of the above
Alan bought 20 shares of Labatt's stock for himself to celebrate his favorite foreign beer company in 2000. Alan's purchase is an example of:
A. exporting. B. importing. C. foreign portfolio investment. D. foreign direct investment.
The table below contains the international balance-of-payments data for the United States in a past year. All figures are in billions. Compute with the appropriate sign (+ or ?) and enter in the table the six missing items. What was the condition of the balance of payments in the United States?
