A firm charging prices below marginal cost is said to be engaged in

Suppose a new EU member begins substituting its imports from non-EU members to other EU members. This is an example of

A) trade diversion. B) trade deflection. C) free trade. D) trade detection.

Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $100. (iii) Total revenue equals $300

a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)