What does intra-industry trade create for the consumer?
a. greater variety of goods and lower costs
b. greater variety of goods and higher costs
c. lower variety of goods and lower costs
d. lower variety of goods and higher costs
a. greater variety of goods and lower costs
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Suppose that nondurable goods spending is $200 billion, durable goods spending is $400 billion, new residential housing spending is $500 billion, and spending on services is $700 billion. What does consumption equal?
A) $600 billion B) $1,100 billion C) $1,800 billion D) $1,300 billion E) There is not enough information to answer this question.
A monopolist sets its price
A. below the demand curve. B. without constraints since there is no competition. C. on the demand curve, at the rate of output where marginal revenue equals marginal cost. D. at the minimum of the long-run average total cost curve.
What is the difference between farm commodities and food products? How does the number of competing firms change as farm commodities are processed into food?
What will be an ideal response?
To compute GDP, you must add up the value of all the goods and services produced in a country in a year.
Answer the following statement true (T) or false (F)