The economic basis for trade is based on absolute advantage.
Answer the following statement true (T) or false (F)
False
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If the price of sandals is fixed by law below the market-clearing price,
A) a surplus of sandals will result. B) sandal inventories at shoe stores will be smaller. C) sandal sellers will spend more on advertising. D) the quantity of sandals demanded will be greater than the quantity supplied. E) the quantity of sandals demanded will be less than the quantity supplied.
Exhibit 8-16 Short-run cost curves for a competitive firm
In Exhibit 8-16, if the market price of its product is $50 per unit, then the firm will:
A. break even. B. shut down. C. exit the industry. D. earn a positive economic profit.
Figure 12.8 depicts an advertising game between two stores. The outcome of the game will be that:
A. both stores choose to advertise. B. both stores choose not to advertise. C. Store A advertises but Store B does not advertise. D. Store B advertises but Store A does not advertise.
The ________ of labor in a perfectly competitive labor market is the market wage rate.
A. marginal revenue from a unit B. marginal cost of a unit C. supply D. total cost