In the above graph, what is the marginal rate of technical substitution at point D?
A. greater than 1.5
B. less than 2.5
C. less than 1.5
D. greater than 2.5
Answer: C
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Under oligopoly, firms' pricing policies are ________ and, under monopolistic competition, they are ________
A) interdependent; independent B) independent; interdependent C) cooperative; uncooperative D) uncooperative; cooperative E) profit maximizing; revenue maximizing
The principal concept behind comparative advantage is that a nation should
A. concentrate production on those products for which it has the lowest domestic opportunity cost. B. maximize its volume of trade with other nations. C. strive to be self-sufficient in the production of essential goods and services. D. use tariffs and quotas to protect the production of vital products for the nation.
Roughly ________ of the increased prices of Japanese automobiles during the 1980s was due to the voluntary export restraints.
a. 25% b. 35% c. 50% d. 95%
For a normal good, an increase in consumer income will lead to I. a movement down the demand curve II. a rightward shift in the demand curve III. a reduction in supply
A) I only. B) II only. C) III only. D) both II and III.