Usually, international arbitrage does not take place for non-traded products.
Answer the following statement true (T) or false (F)
True
Economics
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Given the information in the figure above, Joe can benefit from trade as far as the price at which he buys Liz's smoothies is
A) below 5 salads per smoothie. B) not higher than 2 salads per smoothie. C) not lower than 2 salads per smoothie. D) not lower than 1 salad per smoothie. E) not higher than 4 salads per smoothie.
Economics
Which of the following is NOT a characteristic of long-run equilibrium in monopolistic competition?
A) The firm earns zero economic profit. B) Price is equal to average total cost. C) Production occurs at minimum average total cost. D) Marginal revenue is equal to marginal cost. E) Price exceeds marginal revenue.
Economics