The downfall of the fooling model is that it assumes an implausibly ________ level of perception about price on the part of ________
A) high, firms
B) high, workers
C) low, firms
D) low, workers
D
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A country has a comparative advantage when the opportunity cost of producing a good in terms of:
a. the monetary value of other forgone goods is lower than that of other nations. b. the monetary value of other forgone goods is greater than that of other nations. c. forgone output of other goods is higher than that of other nations. d. forgone output of other goods is lower than that of other nations. e. forgone output of other goods is equal to that of other nations.
There are currently 1,000 firms in a competitive industry. Minimum long-run average cost is $80 and price $100 . Explain what will happen to price, profit, and the number of firms in this industry over time
The rate at which someone can swap money for a good is called the _____ of the good.
A. price B. opportunity cost C. total cost D. rate of substitution
In a barter economy with "n'' number of goods there will always be:
A. fewer than "n'' relative prices. B. "n''/2 relative prices. C. exactly "n'' relative prices. D. more than "n'' relative prices.