A utility-maximizing consumer is currently spending all of his/her income on two products, A and B. The MU of the last unit of A consumed is 50, the price of A is $25, and the price of B is $10 . The MU of the last unit of B consumed is

Specialization and trade can take place only if a country is endowed with more of something compared to other countries

a. True b. False Indicate whether the statement is true or false

What is a major characteristic of a natural monopoly?

A. The firm is a single seller of a resource B. Its sets price equal to marginal revenue C. There is extensive product advertising D. There is a large range for economies of scale