Persistent dumping can occur if a profit-maximizing firm faces a ________ demand in the home market and sells its good in a ________ international market.
A. relatively elastic; less competitive
B. relatively inelastic; highly competitive
C. relatively elastic; highly competitive
D. relatively inelastic; less competitive
Answer: B
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On average, truck drivers who drive on dangerous ice-covered roads earn more per mile driven than similarly skilled truck drivers who drive on normal roads. The difference in pay can be attributed to
a. the marginal product of labor. b. the marginal product of capital. c. diminishing marginal returns. d. a compensating differential.
If living standards in a country, as measured by output per person, decrease, then total output must have:
A. decreased more slowly than population decreased. B. increased more slowly than population increased. C. increased more rapidly than population increased. D. increased at the same rate that population increased.