Which of the following statements is TRUE?
A) As a result of specialization some workers will be displaced and harmed in the short run by free trade.
B) Free trade leads to lower wages for all workers in both nations.
C) Specialization will result in a decline in an industry and none of those workers will be able to find other jobs.
D) Free trade will benefit all workers in a nation equally.
A
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Which of the following is TRUE for a firm in the long run?
A) Variable costs will initially increase and then decrease. B) The law of diminishing marginal product holds. C) All costs are variable costs. D) Variable costs will equal marginal cost at all output levels.
As a manager holding an auction with correlated or common values, you want buyers to place bids that are ________ their estimated valuations and sellers to place bids that are ________ their estimated costs.
A) close to; close to B) close to; far from C) far from; close to D) far from; far from