If price is equal to short-run average variable cost, the firm is at the point known as:
a. the break even point.
b. the profit maximizing point.
c. the shutdown point.
d. the revenue maximizing point.
c
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Because people prefer name-brand pain-relieving drugs over store-brand pain-relieving drugs, demand curves do not slope downward for pain-relieving drugs
Indicate whether the statement is true or false
If country A can produce both goods X and Y more efficiently, that is, with smaller absolute amounts of resources, than can country B:
A. mutually advantageous specialization and trade between A and B may still be possible. B. we can conclude that A is an industrially advanced economy and B is a developing economy. C. it will necessarily be advantageous for B to import both X and Y from A. D. then there is no possible basis for mutually advantageous specialization and trade between A and B.