A significant gain from trade in an oligopolistic market results from the increase in the number of product varieties that trade brings.
Answer the following statement true (T) or false (F)
False
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Moving along the aggregate supply curve,
A) the quantity of capital used increases. B) technology advances. C) the stock of human capital increases. D) only the price level changes. E) the real wage rate is constant.
Which of the following is true of a perfectly competitive market in the long run, given the unchanging costs of production? a. The average total cost remains constant
b. The market price increases exponentially. c. The marginal cost curve is perfectly elastic. d. The supply curve is perfectly elastic.
The extra benefit that results from carrying out one additional unit of an activity is the ________ of the activity.
A. economic benefit B. average benefit C. total benefit D. marginal benefit
Suppose a poverty program has a basic benefit of $10,000, zero deductions, and a breakeven level of income of $25,000. The marginal tax rate is ________ percent.
A. 0.20 B. 0.08 C. 0.40 D. 2.50