William and Jamal live in the country of Dumexia. When Dumexia legalized international trade in bananas, the price of bananas in Dumexia increased. As a result, William became better off and Jamal became worse off. It follows that William is a seller, and Jamal is a buyer, of bananas
a. True
b. False
Indicate whether the statement is true or false
True
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When disposable income increases,
A) the consumption function shifts downward. B) there is a movement downward along the consumption function, but the consumption function does not shift. C) there is no movement along the consumption function, and the consumption function does not shift. D) the consumption function shifts upward. E) there is a movement upward along the consumption function, but the consumption function does not shift.
The marginal revenue product schedule is
A. a supply schedule. B. a demand schedule. C. neither a demand nor supply schedule.
A sale of securities by the Fed causes
A. a contraction of the money supply equal to the amount of the securities sold. B. a multiple expansion of the money supply greater than the amount of the securities sold. C. a multiple contraction of the money supply greater than the amount of the securities sold. D. an expansion of the money supply equal to the amount of the securities sold.
One way to view the cost structure of monopolistic competition is to say that the cost of product differentiation is equal to
A) the difference between marginal revenue and marginal cost. B) the difference between the cost of production for a monopolistically competitive firm in an open market and the minimum average total cost. C) the sum of price and marginal cost. D) the sum of marginal cost and minimum average cost.