Over time, technology tends to:
A. diminish in nations that are still developing.
B. spread from country to country, equalizing opportunity costs.
C. allow developing nations to experience the "catch-up" effect.
D. set countries apart in terms of productivity.
Answer: B
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Even if two products have different characteristics, such as color, the products are only considered heterogeneous if consumers
A) consider the two products as perfect complements. B) consider the two products as perfect substitutes. C) consider the two products as imperfect substitutes. D) consider the two products as imperfect complements.
A monopolist is producing at an output level at which ATC = $5, P = $6, MC = $4, and MR = $3. We can conclude that
A) economic profit could be increased by producing more. B) economic profit could be increased by producing less. C) economic profit cannot be increased. D) the firm is earning $10 in economic profits.