A production function relates
a. the level of output to the level of technology.
b. the price level to the level of aggregate output.
c. aggregate output to the level of inputs and technology.
d. aggregate demand to aggregate supply.
C
Economics
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In the long run, a monopolistically competitive firm that trades internationally ____________ than it would in autarky.
a. will produce more output b. will earn more monopoly profits c. will have higher average costs d. will produce more output and earn more monopoly profits
Economics
What is meant by terms of trade? How is it determined?
What will be an ideal response?
Economics