Depreciation is the term used when plants, equipment and housing deteriorate and wear out, thus losing their original values.
Answer the following statement true (T) or false (F)
True
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Equilibrium in a competitive market results in the greatest amount of economic surplus from the production of a good or service
Indicate whether the statement is true or false
Which of the following is (are) true when one firm's research and production can increase another firm's access to technological advances? a. It is called a technology spillover
b. Other firms will imitate and improve on the new knowledge. c. If there is no subsidy, the market equilibrium output level is less than the efficient equilibrium output level. d. All of the above.
If parity prices are "fair" they will not cause a market surplus.
Answer the following statement true (T) or false (F)
Restrictions on imports
A. protect United States jobs. B. usually have no permanent effects on an economy. C. is the best way to increase exports. D. eventually reduce exports.