Public utilities, due to their economies of scale, are permitted by government to charge whatever price that they wish.
Answer the following statement true (T) or false (F)
False
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Although there are certain inefficiencies associated with monopolistic competition, society receives a benefit from monopolistic competition in the form of product variety
a. True b. False Indicate whether the statement is true or false
The minimum wage, if it is binding, raises the incomes of
a. no workers. b. only those workers who cannot find jobs. c. only those workers whose jobs would pay less than the minimum wage if it didn't exist. d. all workers.
Banking began in
A. biblical times. B. medieval times. C. the 19th century. D. the 20th century.
Technology-based comparative advantage
A. is totally contradictory to the Heckscher-Ohlin (H-O) theory of comparative advantage. B. usually results in immiserizing growth. C. emphasizes that poorer and less industrialized nations cannot compete in world markets with richer and more industrialized nations. D. can help explain how the United States went from being a net exporter of steel to become a net importer of steel.