If the market for pizzas is a perfectly competitive market, an individual consumer can influence the price of pizza if she stops buying pizza.
a. true
b. false
a. true
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In economics, positive statements are about
A) the way things ought to be. B) the way things are. C) macroeconomics, not microeconomics. D) microeconomics, not macroeconomics.
The maximum price that a buyer would be willing to pay for a good or service is also called:
A. the reservation price. B. the buyer-max price. C. the reserved max price. D. the opportunity cost.
A basic problem with the infant-industry argument is that
a. most industries need protection when they are mature, not when they are first established. b. the amount of the tariff is unlikely to have much impact on the success of an infant industry. c. political pressure will likely prevent the withdrawal of the tariff when the industry matures. d. domestic consumers will continue to buy the foreign products anyway, regardless of the tariff.
What is a balance-of-payments surplus?
What will be an ideal response?