Comparative advantage refers to the ability to produce better quality goods than a competitor.
Answer the following statement true (T) or false (F)
False
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What is not a limitation of antitrust legislation?
A. The government seldom wins. B. Anticompetitive behavior may resemble vigorous competition. C. It prevents firms from challenging their rivals. D. The defendant may go bankrupt.
A potato farmer who signs a futures contract is
A) speculating on the future price of potatoes, hoping it will be higher. B) speculating on the future price of potatoes, hoping it will be lower. C) eliminating his exposure to risk from a falling potato price. D) trying to influence the price of potatoes to rise.
What is aggregate demand? What are its major components?
What will be an ideal response?
If prices rise and income stays the same, what is the effect on demand?
(A) More is bought of some goods and less of others. (B) More goods are bought. (C) Demand stays the same. (D) Fewer goods are bought.