Refer to the information provided in Figure 20.2 below to answer the question(s) that follow.
Figure 20.2Refer to Figure 20.2. The opportunity cost of 1 ________ is 4 ________ in the United States and 1.5 ________ in England.
A. truck; trucks; cars
B. car; cars; trucks
C. car; trucks; trucks
D. truck; cars; cars
Answer: D
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In monopolistic competition there are ________ barriers to entry, so therefore in the long run, economic profit ________
A) no; is substantial B) no; equals zero C) many; equals zero D) many; is substantial E) many; might be earned depending on the degree of product differentiation
If A and B are substitute goods, a decrease in the price of good A would:
A. have no effect on the quantity demanded of B. B. lead to a decrease in demand for B. C. lead to an increase in demand for B. D. none of the statements associated with this question are correct.
If there is only one domestic automobile manufacturing firm in a small country, will there be a difference in terms of national economic well-being between using a tariff and using a quota to protect the firm? If so, what is the difference? Clearly explain your answer.
What will be an ideal response?
A durable good
A. is used up within 3 years. B. has a life span of more than 3 years. C. is an intangible commodity. D. has an infinite life span.