Empirical observations on actual North-South trade patterns tend to
A) support the validity of the Heckscher-Ohlin model.
B) support the validity of the Leontief Paradox.
C) support the validity of the Rybczynski Theorem.
D) support the validity of the wage equalization theorem.
E) support the validity of the neo-imperialism exploitation theory.
A
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In the long run, a monopolistically competitive firm
A) earns positive economic profits. B) earns zero economic profits. C) earns negative economic profits. D) can have positive, zero, or negative profits.
If information about the total cost is not given for every possible 1 unit change in quantity, marginal cost can still be computed as
a. the price of labor divided by the quantity of labor. b. the price of labor divided by the marginal product of labor. c. fixed cost divided by the marginal product of labor. d. variable cost divided by the marginal product of labor.