Oil import restrictions were probably unwise, as they raised the price of domestic oil in the United States and reduced the long-term domestic supply of oil
Indicate whether the statement is true or false
T Allowing importation of oil at world prices would have been better for U.S. citizens and would have added to the length of time the United States would have an independent supply of oil.
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In the U.S. economy, the quantity of donuts produced each day is determined by the
A) U.S. Food and Drug Administration. B) U.S. Department of Health and Human Services. C) Donut Association of America. D) individual decisions of thousands of donut makers.
A monopolist faces an average total cost of $6 when it produces 200 units of its product. If it sells the 200 units at $8 per unit, ________
A) the monopolist incurs a loss of $200 B) the monopolist incurs a loss of $400 C) the monopolist makes a profit of $200 D) the monopolist makes a profit of $400