Consumers make all economic decisions in a mixed economy
Indicate whether the statement is true or false
FALSE
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An argument against the use of tariffs to keep out the production of "cheap" foreign labor is that:
A) wage rates and labor productivity are directly related. B) product prices and labor costs are unrelated. C) there is no significant relationship between labor productivity and wage levels. D) they don't work.
The market demand in a Bertrand duopoly is P = 10 ? 3Q, and the marginal costs are $1. Fixed costs are zero for both firms. Based on this information we can conclude that:
A. P = $7 and firm 1 will sell 7 units of output. B. P = $1 and firms 1 and 2 will each sell 7 units of output. C. P = $1.5 and firms 1 and 2 will each sell 10 units of output. D. P = $1 and firms 1 and 2 will each sell 1.5 units of output.