Refer to the figure above. If Lithasia opens up to free trade, then which of the following statements is true?
A) The domestic production of pens in Lithasia will increase.
B) The domestic price of pens will increase.
C) Lithasia will start exporting pens.
D) Lithasia will start importing pens.
D
Economics
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A farmer is deciding whether or not to add fertilizer to his or her crops. If the farmer adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, the farmer should add fertilizer if it costs less than:
a. $12.50 per pound. b. $20 per pound. c. $80 per pound. d. $100 per pound.
Economics
The government may not be able to improve the inefficiencies of a monopolistically competitive market
a. True b. False Indicate whether the statement is true or false
Economics