The result that perfectly competitive firms produce at the lowest per-unit cost is derived from the assumptions of

When prices and unemployment rise, such an event is sometimes called

a) expansion. b) stagflation. c) inflation. d) depreciation.

Refer to Figure 18.4. With free trade, how many gloves are produced domestically in Duckland?

A) 100 B) 80 C) 60 D) 0