The benefits from international trade include
A. Greater efficiency in the use of the world's limited resources.
B. A higher rate of population growth.
C. A rightward shift of the production possibilities curve.
D. A higher standard of living for every person.
Answer: A
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In the above figure, at a price of $6, a perfectly competitive firm produces ________ and it ________
A) some output; incurs an economic loss B) 0; incurs an economic loss C) 0; does not incur an economic loss or make an economic profit D) 0; makes an economic profit
Charging a higher price for a motel room to customers with dogs or cats than to customers with no pets is most likely an example of
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) actual cost differences.