If the wage rate is fixed, MLC > wage
Indicate whether the statement is true or false
F
You might also like to view...
Which of the following statements best describes the potential gains from trade?
a. The potential for gains from trade may be especially low among the smaller and lower income countries of the world. b. The potential for gains from trade may be especially high among the smaller and lower income countries of the world. c. The potential for gains from trade may be especially high among the medium and larger income countries of the world. d. The potential for gains from trade may be especially high among the smaller and medium income countries of the world.
From 2001 to 2005 there was a dramatic rise in the price of houses. If this rise made people feel wealthier, then it would have shifted
a. aggregate demand right. b. aggregate demand left. c. aggregate supply right. d. aggregate supply left.
Cournot duopolists face a market demand curve given by P = 90 - Q where Q is total market demand. Each firm can produce output at a constant marginal cost of 30 per unit. The equilibrium price and quantity for the total market will be
A. Q = 30, P = 60. B. Q = 60, P = 30. C. Q = 45, P = 45. D. Q = 40, P = 50.
Related to the Economics in Practice on page 666: Trade ________ comparative advantage of countries and ________ the efficiency of firms.
A. inhibits; improves B. inhibits; reduces C. exploits; improves D. exploits; reduces