Economics is the study of
What will be an ideal response?
how to allocate resources to satisfy wants and needs
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Which of the following is a justification for infant industry protection?
a. The firm's learning must shift its average cost curve down over time so that it becomes competitive at world prices. b. The firm's output must increase so that it moves down along its average cost curve over time and becomes competitive at world prices. c. The firm's total cost curve must shift leftward over time so that it becomes competitive at world prices. d. The firm's learning allows it to produce more output and take advantage of increasing returns to scale.
Price is a limited decision variable in which of the following market organizations?
A. monopoly B. monopolistic competition C. oligopoly D. perfect competition