Suppose the nation of Alphonia was charged with dumping electric lawnmowers in the nation of Omegalon. The result of Omegalon imposing anti-dumping tariffs on electric lawnmowers manufactured in Alphonia would most likely be
A) lower selling prices on electric lawnmowers in Alphonia.
B) higher selling prices on electric lawnmowers in Omegalon.
C) increased exports of electric lawnmowers from Alphonia.
D) an increased market share for Alphonian-manufactured electric lawnmowers in Omegalon.
B
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John's utility of wealth curve is shown in the above figure. He currently has wealth of $20,000. If there is a 10 percent chance of losing all his wealth, what is the value of insurance against this loss?
A) $0 B) $2,000 C) $3,000 D) $17,000
Economies of scale refer to the range of output over which
A) marginal cost exceeds average cost. B) the long-run average cost falls as output increases. C) the marginal product of labor diminishes. D) the long-run average cost is less than the short-run average total cost.