In a market operated by a cartel, if price is $30 which of the following must be true?
Answer: Marginal Revenue and marginal cost must be under $30
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The table above shows the marginal costs and marginal benefits of college education. The marginal social benefit of college education at the efficient amount of enrollment is
A) $20,000 per year. B) $16,000 per year. C) $12,000 per year. D) $14,000 per year.
Which of the following statements is FALSE?
A) Comparative advantage is the principle upon which trade patterns are based. B) Opportunity cost measures the real cost to a country of producing a certain product. C) The gains from trade are the result of differences in opportunity cost and comparative advantage. D) A country that possesses an absolute advantage will always have a comparative advantage. E) Comparative advantage is necessary and sufficient for trade.