If countries where wages are far lower than those in the U.S. manufacture similar but vastly cheaper products, then:
a. U.S. consumers will buy those cheaper products
b. U.S. producers will lose customers
c. There will be a downward pressure on U.S. wages, and reduced employment
d. All of the above statements are true.
a
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All food bought in the United States has an ingredient list on the packaging. This is an example of:
A. building a reputation. B. screening. C. requiring the more informed party to reveal missing information. D. signaling.
_____ is a forecasting technique that uses a weighted average of past time-series values to forecast the value of the time series in the next period. Group of answer choices
Fill in the blank(s) with the appropriate word.
At an equilibrium price, quantity demanded
A. exceeds quantity supplied. B. equals quantity supplied. C. is less than quantity supplied. D. Any of the above is possible.
In competitive markets, the marginal revenue product curve and marginal physical product curve have similar shapes because
A. The law of diminishing marginal utility and the law of diminishing returns imply a downward-sloping demand curve in the product market. B. The demand curve for labor is the same for both the individual firm and the market as a whole. C. The demand curve for the product slopes downward in accordance with the law of diminishing returns. D. MRP = P × MPP.