Firms must prevent resale between segments using a variety of:
a. fences
b. bridges
c. tunnels
d. none of the above
a
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The ability of one person or nation to produce a good at a lower absolute cost than another is called a(n)
A) comparative advantage. B) specialization advantage. C) market advantage. D) absolute advantage.
Competition exists among sellers only if they
A) all set price equal to marginal cost. B) are price takers. C) are so numerous that no one of them can affect the price by restricting output. D) receive no special privileges from government. E) struggle to satisfy potential buyers.
Continued U.S. economic growth requires little institutional and technological change
Indicate whether the statement is true or false
Fiscal policy refers to
A) efforts to balance a government's budget. B) changes in the money supply to achieve particular economic goals. C) changes in government expenditures and taxation to achieve particular economic goals. D) the change in private expenditures that occurs as a consequence of changes in government spending.