The long-run supply curve is upward sloping in a constant-cost industry.
Answer the following statement true (T) or false (F)
False
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The principle of comparative advantage was first explained by David Ricardo in the early 1800s.
Answer the following statement true (T) or false (F)
Hardcover books usually cost much more to purchase than do otherwise identical paperback editions of the same book because
A) hardcover books typically last longer. B) the demand for hardcover books is typically less elastic than the demand for paperback books at the same price. C) the marginal cost of producing hardcover books typically rises as output increases. D) the marginal cost of producing paperback books typically falls as output increases. E) the mergers in the book-publishing industry have encouraged price discrimination.
In the Heckscher-Ohlin model, when there is international-trade equilibrium
A) the relative price of the capital intensive good in the capital rich country will be the same as that in the capital poor country. B) the capital rich country will charge less for the capital intensive good than the price paid by the capital poor country for the capital-intensive good. C) the capital rich country will charge more for the capital intensive good than the price paid by the capital poor country for the capital-intensive good. D) workers in the capital rich country will earn more than those in the poor country. E) the workers in the capital rich country will earn less than those in the poor country.
In games, strategies are:
A. the outcomes players want to achieve. B. the same for everyone to achieve the same goal. C. the plans of action that players follow to achieve their goals. D. All of these statements are true.