The U.S. baseball glove industry is an oligopoly. This means that glove suppliers face a ________________ than a monopoly glove supplier would:

Which one of the following types of cost declines over the whole range of output?

a) total fixed cost b) marginal cost c) average fixed cost d) average variable cost e) total variable cost

A country exports a good if

A) it has a high opportunity cost of production. B) the world price of the good is above the country's no-trade equilibrium price. C) the quantity demanded of the good in the country is greater than the quantity supplied at the world price. D) it cannot import the good. E) the world price of the good is below the country's no-trade equilibrium price.