Which of the following is the primary source of high earnings in a market economy?
A) a willingness to work hard even if you are not productive
B) a willingness to engage in actions where you gain at the expense of others
C) the ability to provide others with things that they value highly
D) a willingness to exploit workers and consumers
C) the ability to provide others with things that they value highly
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Import restrictions due to the imposition of tariffs by the U.S. government
A) will ultimately cause inefficient resource allocation in the United States. B) will lead to lower incomes in the economy of U.S. trade partners. C) will lead to a decline in the quantity of the product consumed in the United States. D) all of the above are likely to occur
Refer to the graph shown, which depicts a perfectly competitive firm. If the price of the product is $3:
A. the firm may continue to operate in the short run but will exit the industry in the long run. B. the industry will be in long-run equilibrium. C. new firms will enter the industry. D. the firm will just cover its opportunity cost of production.