The Heckscher-Ohlin, factor-proportions model lends support to the argument that
A) trade tends to worsen the conditions of unskilled labor in rich countries.
B) trade tends to worsen the conditions of owners of capital in rich countries.
C) trade tends to worsen the conditions of workers in poor countries.
D) trade tends to worsen the conditions of workers in rich countries.
E) trade tends to worsen the conditions of highly skilled workers in rich countries.
A
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The value of marginal product of labor is the ________ when one additional unit of a labor is employed, all other things remaining the same
A) change in marginal revenue B) change in marginal product C) change in total revenue D) total revenue
Double markup problems arise when
a. upstream firms have no market power b. downstream firms have no market power c. upstream and downstream products are complementary in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product
The greater the positive cross elasticity of demand between products A and B, the: a. greater the degree to which they are substitutes
b. greater the degree to which they are complements. c. smaller the elasticity of demand for both products. d. greater will be both products responsiveness to changes in income.
If total revenue is less than total costs at q*, the firm is ______.
a. earning a normal rate of return b. generating total economic losses c. generating total economic profits d. earing zero economic profits