If Thailand is more efficient at producing fax machines and telephone answering machines than Malaysia, then Thailand enjoys a(n) _____ advantage over Malaysia in the production of these products.
Fill in the blank(s) with the appropriate word(s).
absolute
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An article in the Wall Street Journal noted the following: Instead of relying on a full-coach, round-trip unrestricted fare of about $2,000 between Cleveland and Los Angeles
Continental [Airlines] since June has offered a $716 unrestricted fare in that market .... Through October, the test resulted in about the same revenue that Continental thinks it would have collected with its higher fare. Source: Scott McCartney, "Airlines Try Cutting Business Fares, Find They Don't Lose Revenue," Wall Street Journal, November 22, 2002. What is the absolute value of the price elasticity of demand on this airline route? A) less than 1 B) approximately 1 C) greater than 1 D) 0
Refer to the above figure. If the government uses rate-of-return regulation for the natural monopolist, the firm will charge price
A) P5 and sell Q1 units. B) P2 and sell Q1 units. C) P3 and sell Q3 units. D) P1 and sell Q4 units.
In the long run, a firm might experience rising per-unit cost due to:
a. economies of scale. b. diseconomies of scale. c. the law of supply. d. the law of diminishing marginal returns.
What type of spillovers do the United States and the European Union governments believe are associated with their domestic solar panel production?
a. consumption spillovers b. heating spillovers c. electricity spillovers d. knowledge spillovers