Which of the following is NOT a TRUE statement about perfectly competitive and monopolistically competitive firms?
A) Both monopolistically competitive and perfectly competitive firms have perfectly elastic demands.
B) In the long run, only monopolistically competitive firms have excess capacity.
C) Perfectly competitive firms produce at their efficient scale.
D) There are a large number of firms in both monopolistically competitive and perfectly competitive markets.
A
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Abe can catch 10 pounds of fish an hour or pick 10 pounds of fruit. Zeb can catch 30 pounds of fish an hour or pick 20 pounds of fruit
The opportunity cost of fish is ________ for Abe than for Zeb, and the opportunity cost of fruit is ________ for Abe than for Zeb. A) higher, lower B) lower, higher C) higher, higher D) lower, lower
The official settlements account of a country measures
A) the receipts from goods and services bought and sold and transfers to and from foreigners. B) borrowing and lending between the country's residents and foreigners. C) the net increase or decrease in the country's official reserves. D) net transfer payments between the country's citizens and foreigners.