As foreign currency becomes less expensive in terms of the U.S. dollar,
a. foreign goods become cheaper to U.S. citizens.
b. foreign goods become more expensive to U.S. citizens.
c. the U.S. demand curve for foreign currency shifts to the left.
d. the U.S. demand curve for foreign currency shifts to the right.
a. foreign goods become cheaper to U.S. citizens.
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To sell an extra unit of output, a perfectly competitive firm ________, and an imperfectly competitive firm ________.
A. need not alter its price; must lower its price B. must hope the market price falls; must lower its price C. must lower its price; must lower its price D. need not alter its price; need not alter its price
The price in a contestable market is similar to that in a perfectly competitive market because
A) there are barriers to entry. B) there are no barriers to entry. C) there are many firms in the market. D) the firm can earn an economic profit in the long run.
The simple circular flow model shows that workers and capital-owners offer their services to firms through the
A. product markets. B. government agencies. C. employment agencies. D. resource markets.
Explicit costs
a. do not require an outlay of money by the firm. b. enter into the accountant's measurement of a firm's profit. c. enter into the economist's measurement of a firm's profit. d. Both b and c are correct.