In the long run, a monopolistically competitive firm that trades internationally ____________ than it would in autarky.
a. will produce more output
b. will earn more monopoly profits
c. will have higher average costs
d. will produce more output and earn more monopoly profits
Ans: a. will produce more output
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In the figure above, U.S. consumers' ________ from the tariff is ________
A) loss; $176 million B) gain; $64 million C) loss; $80 million D) gain; $128 million
The equilibrium wage rate is $10 per hour, and the labor hired at that wage is 100 . If the wage rate rises to $11, market forces will push the wage rate further up
Indicate whether the statement is true or false
Land, labor, and money are the three categories of economic resources
a. True b. False
Generally, the opportunity cost and the money cost of a good
a. are identical only if the good sells in a free market. b. are different. c. matter only to the purchaser of the good. d. are not reflected in its price.