The price system
A) is the voluntary exchange system used in the United States.
B) is old fashioned and is no longer used.
C) is used only in countries that are developing.
D) is used to set resource prices only.
A
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Given the total cost and total revenue curves in the above figure, what are the output levels at which the perfect competitor will earn a positive economic profit?
A) from 0 to 30,000 bushels B) from 0 to 60,000 bushels C) between 30,000 and 80,000 bushels D) over 80,000 bushels
A country's domestic currency's real exchange rate, q, is best described by
A) the price of similar goods in the same market. B) the price of the domestic basket in terms of the foreign one. C) the price of a domestic basket. D) the price of the foreign basket in terms of the domestic basket. E) the price of different goods baskets in the same market.