A closed economy is one in which exports and imports constitute a large share of GDP.
Answer the following statement true (T) or false (F)
False
Economics
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If a competitive firm successfully adopts a better production technology ahead of the others, then:
A. Its product price will become lower than the others' B. Its average cost will become higher than the others' C. Its profits will become higher than the others' D. Its marginal revenue will become higher than the others'
Economics
Which of the following industries does not fit the natural monopoly model?
A. Natural gas B. Cable TV C. Electricity D. Fast food restaurants
Economics