Our fastest growing trade imbalance is with
A. China.
B. Japan.
C. Canada.
D. Mexico.
A. China.
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Suppose the DeBeers company exercises monopoly power in the distribution of diamonds. This year, the company earns economic profits and maximizes profit. This implies that the price of diamonds per carat will
a. exceed the marginal cost of diamonds, but be equal to the average cost of diamonds. b. be equal to the marginal cost of diamonds. c. exceed both the marginal cost and average cost of diamonds. d. be equal to the average cost of diamonds.
A temporary embargo on oil from Saudi Arabia going in to the United States would
A. shift only the long-run aggregate supply curve to the left. B. shift both the short-run and long-run aggregate supply curves to the left. C. shift the long-run aggregate supply curve to the right. D. shift only the short-run aggregate supply curve to the left.
A perfectly inelastic demand curve exhibits
A. zero responsiveness to changes in price. B. a change in quantity demanded that is proportional to the change in price. C. a change in quantity demanded that is always twenty percent of the change in price. D. zero quantity demanded when there is a slight change in price.
Which of the following is the correct way to calculate total cost?
A. TVC +TFC B. TR - TFC C. TR - TVC D. ATC ÷ q