The demand curve for product X is given by QX = 50 - 2PX. How much consumer surplus do consumers receive when PX = $5?

In a two-country, two-product world, the statement "Germany enjoys a comparative advantage over France in autos relative to ships" is equivalent to

A) France having a comparative advantage over Germany in ships. B) France having a comparative disadvantage compared to Germany in autos and ships. C) Germany having a comparative advantage over France in autos and ships. D) France having no comparative advantage over Germany. E) France should produce autos.

A firm should always shut down if its revenue is

A) declining. B) less than its average fixed costs. C) less than its total costs. D) less than its avoidable costs.