Under what circumstances will the residual supply curve for a country be upward sloping?
A) when it does not import any of the good from the rest of the world
B) when it imports a small portion of the rest of the world's supply of the good
C) when it imports a large portion of the rest of the world's supply of the good
D) Either A or B
C
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Which of the following markets are closest to perfectly competitive
a. The market for smart phones b. The market for generic pharmaceuticals c. The market for sport shoes d. The market for fast food
Which of the following statements best reflects a price-taking firm?
a. If the firm were to charge more than the going price, it would sell none of its goods. b. The firm has an incentive to charge less than the market price to earn higher revenue. c. The firm can sell only a limited amount of output at the market price before the market price will fall. d. Price-taking firms maximize profits by charging a price above marginal cost.