Given the total cost and total revenue curves in the above figure, what are the output levels at which the perfect competitor will incur economic losses?
A) below 80,000 bushels
B) from 30,000 to 80,000 bushels
C) below 30,000 bushels and over 80,000 bushels
D) at 30,000 bushels and at 80,000 bushels
C
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An information product typically has
A) high total fixed costs and high marginal costs. B) low total fixed costs and low marginal costs. C) low total fixed costs and high marginal costs. D) high total fixed costs and low marginal costs.
A perfectly competitive market is characterized by highly advertised goods
a. True b. False Indicate whether the statement is true or false
If Country A produces 7,000 units of goods and services using 700 hours of labor, and if Country B produces 5,500 units of goods and services using 500 units of labor, then productivity is lower in Country A than in Country B
a. True b. False Indicate whether the statement is true or false
Suppose that imports and exports in an industry are $100 million and $200 million, respectively. Will the index of intra-industry trade for this industry rise, fall, or remain unchanged if exports fall to $100 million?
a. It will rise. b. It will fall. c. It will remain unchanged. d. There is not enough information to determine how the index will change.