According to the graph shown, if this economy were open to free trade, domestic producers would produce how many units?
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. 115
B. 60
C. 150
D. 90
B. 60
Economics
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The textbook rejects the cost-plus-markup theory of price setting because
A) business firms do not describe their price-setting procedures as cost-plus procedures. B) competitors and monopolists set prices in different ways. C) it cannot explain the prices we actually observe. D) it ignores the role of government in regulating prices. E) no single theory can explain all price-setting.
Economics
What are the defining features of Keynesian macroeconomics and what policies do Keynesian macroeconomists recommend?
What will be an ideal response?
Economics