Liability rules are laws that require party A to compensate party B for damages imposed.
Answer the following statement true (T) or false (F)
True
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In the long run, a pure monopolist will maximize profits by producing that output at which marginal cost is equal to:
A. average total cost. B. marginal revenue. C. average variable cost. D. average cost.
Answer the question on the basis of the following balance of payments data for the hypothetical nation of Econland. All figures are in billions of dollars.
(1) Goods exports +$220 (2) Goods imports -328 (3) Exports of services +54 (4) Imports of services -55 (5) Net investment income +18 (6) Net transfers -11 (7) Capital account -1 (8) Foreign purchases of Econland assets +124 (9) Econland purchases of foreign assets -21 Refer to the table above. Econland's balance on the current account shows a: A. Deficit of $91 billion B. Deficit of $102 billion C. Deficit of $109 billion D. Surplus of $109 billion