In the Heckscher-Ohlin model, what assumption is made about opportunity costs?
What will be an ideal response?
That opportunity costs increase
Economics
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In the long run, a firm has
A) no factors of production that are fixed. B) no factors of production that are variable. C) no factors of production that are either fixed or variable. D) fixed factors of production but no variable resources.
Economics
Refer to Figure 4-3. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
Economics