In a two-country, two-commodity model, if a country has higher labor productivity in producing both the goods, it must produce and export both the goods to the other country.
Answer the following statement true (T) or false (F)
False
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Which statement best describes the effect(s) that occur when a monopoly firm reduces the price of its product?
a. The "price effect" causes total revenue to fall. b. The "output effect" causes total revenue to rise. c. The "revenue effect" causes total revenue to remain constant. d. Both a and b are correct.
A firm's short-run supply curve is the firm's:
A. marginal revenue curve. B. marginal cost curve above the minimum point of the average total cost curve. C. marginal cost curve above the minimum point of the average variable cost curve. D. average cost curve, below the minimum point of the marginal cost curve.
The short-run break-even price
A) is the price at which the firm's current liabilities are paid off. B) is the price at which a firm's total revenues equal total costs. C) occurs at the output at which the firm yields a below normal rate of return. D) occurs at the output at which the firm yields a positive economic profit.
The "acceptable deaths" notion suggests that it is better to have the benefits of a good to the buyer and seller with a specified number of deaths,
A. than to prohibit the good's production and use entirely. B. in no circumstance. C. than to let the good be produced outside the US. D. but only if the deaths are of less desirable people.