When the market for a good is in equilibrium,
What will be an ideal response?
all units valued more highly than the opportunity cost of production will be supplied.
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Comparative advantage is determined by the relative levels of autarky prices
Indicate whether the statement is true or false
Aggregate output is ________ related to autonomous consumer expenditure, and is ________ related to planned investment spending
A) negatively; negatively B) negatively; positively C) positively; negatively D) positively; positively
An economy that has no interaction with the rest of the world is called
A) an isolated economy. B) a closed economy. C) a parochial economy. D) a rogue nation.
If the Herfindahl index for automobiles take foreign competition into account, the Herfindahl index for the U.S. automobile industry would be significantly higher
a. True b. False Indicate whether the statement is true or false