As the variable on the Y-axis falls the variable on the X-axis falls. The relationship between X and Y is said to be positive.
Answer the following statement true (T) or false (F)
True
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A comparative advantage is the ability of one person or nation to produce a good at an opportunity cost that is lower than that of another person or nation
Indicate whether the statement is true or false
Refer to the following figure. At a price of $6, the point elasticity of demand for D1 is ________ and marginal revenue is ________.
A. -0.5; negative B. -0.2; negative C. -1; zero D. -5; positive
In order to determine ____________, the firm's total costs must be divided by the quantity of its output.
a) average cost b) fixed costs c) diminishing marginal returns d) variable cost
When entering the Chinese market, McDonalds had to confront:
A) mainly technical issues. B) mainly political issues. C) mainly cultural issues. D) all of the above.