When the residents of a nation are free to trade with foreigners, domestic producers will be able to
a. export more goods for which they are a high-cost supplier.
b. supply a larger quantity of goods they can produce at a relatively low cost.
c. charge higher prices then would otherwise be the case.
d. survive in the marketplace even if they do not produce efficiently.
B
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Long-run economic profits would most likely exist in which market structure?
A) monopoly, monopolistic competition, and oligopoly B) monopoly and monopolistic competition C) monopoly only D) monopoly and oligopoly
Group price discrimination has ________ consumer surplus than under ________
A) more; perfect competition B) less; perfect competition C) more; an elastic demand curve D) less; single-price monopoly
Which of the following will NOT cause a shift in the demand for rewriteable DVDs?
A) a change in taste B) a change in income C) a change in the price of rewriteable DVDs D) a change in the price of rewriteable CDs
Historical data shows that if consumption increases by $80 billion when national income rises from $100 billion to $200 billion, then consumption will increase by less than $80 billion when national income rises from $200 billion to $300 billion
Indicate whether the statement is true or false