Refer to Table 2-20. Does either Japan or Thailand have an absolute advantage and if so, in what product?
A) Thailand has an absolute advantage in rice.
B) Japan has an absolute advantage in rice.
C) Japan has an absolute advantage in wristwatches.
D) Thailand has an absolute advantage in both products.
D
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The graph above shows a monopolistic competitor
A. in the short run taking a loss.
B. in the short run making a profit.
C. in the long run breaking even.
D. in the long run taking a loss.
If a price ceiling is not binding, then it will have no effect on the market
a. True b. False Indicate whether the statement is true or false
Three of these are a condition for perfect competition.
a. Many buyers and sellers participate in the market. b. Sellers offer a wide variety of products. c. Buyers and sellers are well informed about products. d. Sellers are able to enter and exit the market freely.
Refer to the table and graph. Suppose that the price of X falls from $2 to $1, while the price of Y remains at $4. Which of the following represents the demand curve for X if the consumer has money income of $10 to spend on X and Y?
A. D 1
B. D 2
C. D 3
D. D 4