The budget line is downward sloping, reflecting the fact that you must give up some of one good to get more of the other
a. True
b. False
Indicate whether the statement is true or false
True
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A monopoly is characterized by all of the following except
A) the firm has market power. B) there are no close substitutes to the firm's product. C) there are only a few sellers, each selling a unique product. D) entry barriers are high.
Refer to the figure above. If A forms a customs union with C, the post agreement price will be
A) $10 B) $15 C) $20 D) $25
The ratio of debt to GDP is much higher in the United States than in most other industrialized nations
Indicate whether the statement is true or false
If factor prices rise as demand increases and the firms expand output, the long-run market supply curve will be upward sloping. In terms of economics, this describes
a. an oligopolistic industry. b. a constant cost industry. c. an increasing cost industry. d. a decreasing cost industry.