Refer to the table below. Based on their comparative advantage, Martha should specialize in ________ while Julia should specialize in ________. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. cakes; pies
B. neither pies nor cakes; both pies and cakes
C. pies; cakes
D. both pies and cakes; neither pies nor cakes
Answer: C
Economics
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According to the equation of exchange, if M = 200, P = 100, and Q = 10, the V is:
a. 20. b. 2. c. 10. d. 5. e. 2,000.
Economics
If all firms in a monopolistically competitive market are incurring losses, then eventually:
a. the demand for the products in the market will increase. b. the supply of the products in the market will increase. c. the price of the products in general will decline. d. the cost of production will increase. e. the firms will exit until the existing ones just break even.
Economics