The standard interpretation of the Ricardian model is that differences in factor endowments between countries account for differences in labor productivity
a. True
b. False
Indicate whether the statement is true or false
False
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck will sell ________ units and Pushy Sales will sell ________ units.
A. 3,000; 1,000 B. 0; 3,000 C. 2,000; 1,000 D. 3,000; 0
For most low-wage earners
A) the substitution effect of a wage rate increase is likely to equal the income effect. B) the opportunity cost of leisure is high. C) the income effect of a wage rate increase is likely to be larger than the substitution effect. D) the substitution effect of a wage rate increase is likely to be larger than the income effect.
Which is always TRUE at a firm's profit-maximizing rate of production?
A) Total Revenue = Total Costs B) The total revenue curve lies below the total cost curve. C) Marginal Revenue > Marginal Cost D) Marginal Revenue = Marginal Cost
Which of the following is not a characteristic of the monopolistic competition market structure?
a. Many sellers, each small in size relative to the overall market. b. Few sellers. c. Differentiated product. d. Easy, low-cost entry and exit.