The slope of a line with rise of five and run of two is positive.
Answer the following statement true (T) or false (F)
True
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The above figure shows the isoquants for the production of steel. In which regions of production are there increasing, decreasing, and constant returns to scale?
What will be an ideal response?
Suppose that Far North Canadian Lumber, Ltd., sells lumber in Canada at a price of $1,000 per 1,000 board feet and exports the same lumber to the United States at a price of $600 per 1,000 board feet. U.S. Lumber, Inc., produces and sells lumber for $700 per 1,000 board feet in the United States. Is Far North Canadian Lumber dumping lumber in the United States?
a. Yes; its price in Canada is greater than its price in the United States. b. Yes; its price in Canada is greater than U.S. Lumber's price. c. No; its price in the United States is less than U.S. Lumber's price. d. No; it is maximizing its profits when it price discriminates between the United States and Canada.
The classical model assumes that
A. people have money illusion. B. wages and prices are flexible. C. wages are flexible but prices are not. D. imperfect competition predominates in most markets.
One of the administrative bodies responsible for initiating actions on behalf of the U.S. government against individuals or companies violating antitrust laws is the
A. Federal Utility Commission. B. Interstate Commerce Commission. C. Federal Reserve Bank. D. Antitrust Division of the Justice Department.