With specialization
A) opportunity costs tend to be constant.
B) there are greater gains in material well being.
C) there is more emphasis on self-reliance.
D) society is more productive while individuals are less productive.
B
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Collusion occurs when firms ________
A) charge a price equal to their marginal cost of production B) conspire to set the quantity they produce or the prices they charge C) compete with each other by setting a price slightly lower than the rival's price D) compete with each other by differentiating their products
If firms and households form their expectations about inflation by looking at past inflation, this form of expectations formation is known as ________ expectations
A) adaptive B) forward-looking C) rational D) perfect
Compared to high-income countries, low-income countries might have an advantage in achieving greater worker productivity because low-income nations have:
a. many opportunities to make use of existing technologies b. an abundant supply of natural resources. c. an abundant supply of skilled and unskilled labor. d. more entrepreneurial opportunities than high-income countries.
Monopolistic competitive firms in the long run earn:
a. negative economic profits. b. zero pure economic profits. c. None of these choices are correct. d. positive economic profits.