Foreign income is defined to be income earned:
A. on investments made abroad.
B. by those living outside a country.
C. when a domestic citizen works abroad.
D. by a nation's firms when they operate abroad.
Answer: B
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Changes in demand will often be met with changes in output rather than changes in prices because of formal and informal contracts
Indicate whether the statement is true or false
A monopoly is:
A. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run. B. the only seller of a good for which there are no good substitutes in a market with high barriers to entry. C. the only buyer of a unique raw material. D. the producer of a product subsidized by the government.
For the perfectly competitive firm, the marginal revenue is always
A. Increasing. B. Decreasing. C. Constant. D. Equal to average total cost.
If it is NOT profitable for more than one firm to be in an industry, we have an example of
A. monopoly due to economies of scale. B. pure competition. C. monopoly due to ownership of key resources. D. monopoly due to governmental entry restrictions.