This monopolistic competitor is in the
A. short run making a profit.
B. short run taking a loss.
C. long run making a profit.
D. long run taking a loss.
A. short run making a profit.
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Data on trade barriers, income levels, and the growth of per capita GDP indicate that
a. there is no link between trade restrictions and either the per capita income levels or growth rates of economies. b. countries that impose high trade restrictions have both high income levels and rapid rates of economic growth. c. countries that impose high trade restrictions have low income levels, but they have been growing rapidly in recent decades. d. countries that have lower trade restrictions have both higher income levels and more rapid rates of economic growth than those with high trade barriers.
A demand curve represents a(n)
A) direct relationship between price and quantity demanded. B) direct relationship between price and demand. C) indirect or inverse relationship between price and quantity demanded. D) indirect or inverse relationship between price and supply.
Which of the following is most likely to occur when the marginal revenue product of capital increases? a. The price of the product in which capital is used as a resource decreases. b. The equilibrium rental rate for capital increases
c. The demand for labor as a resource increases. d. The demand curve for capital shifts to the left.
Economists study how decisions are made.
Answer the following statement(s) true (T) or false (F)