For both a monopolist and a monopolistically competitive firm:
a. price equals average total cost.
b. price is above marginal revenue.
c. marginal revenue equals zero.
d. marginal cost equals zero.
b
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A credible promise is:
A. in the promiser's interest to keep. B. possible to keep. C. legally enforceable. D. made by a honest person.
Harmonization of standards refers to
A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner. D) separate standards held by different trading partners which other partners refuse to recognize. E) All of the above.
Well-being can be increased by:
A. policies that help people do business more efficiently. B. technologies that help people share more and better information. C. increasing the availability of accurate information. D. All of these are true.
The purchasing power parity method of comparing income levels across countries
What will be an ideal response?