If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost, the difference between the wholesale demand curve and the consumer retail demand curve is the ________.
A) average fixed cost of distribution
B) marginal revenue of production
C) marginal cost of production
D) marginal cost of distribution
D) marginal cost of distribution
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The ability to produce a product at a lower resource cost than another nation can produce the same product is called comparative advantage
Indicate whether the statement is true or false
If an external benefit is present in the consumption of a good or service, then
A) there can be no external cost. B) the marginal social benefit is greater than the marginal private benefit. C) the marginal social benefit is equal to the marginal private benefit. D) the marginal private benefit is equal to the marginal social benefit plus the marginal external benefit. E) the marginal external benefit is equal to the marginal private benefit minus the marginal social benefit.
In the discussion of correlation and causation, correlation means: a. two sets of phenomena may be related, but one does not necessarily cause the other
b. two sets of phenomena are not related and one may in fact cause the other. c. that when two phenomena are repeatedly observed together, one must cause the other. d. that if a groundhog sees his shadow in February, this phenomena causes there to be six more weeks of bad weather.
Company Z is a U.S. company that has just entered the market for a given good and is the first in this country to produce that good. The good is already being produced in many foreign countries is exported to the United States. If company Z wants to restrict this foreign competition, it will most likely use which of the following arguments?
A) anti-dumping B) national-defense C) job-creation D) infant-industry E) low-foreign-wages