Which of the following is an exogenous variable in our model of the goods market in Chapter 3?

Sales contracts between developed countries are usually written (invoiced) in the national currency of the exporter

a. True b. False Indicate whether the statement is true or false

If the long-run average cost of producing 50 units of Good X is $3.00 and the long run average cost of producing 51 units of Good X is $3.25, the firm is

A. experiencing economies of scale in the range of 50 to 51. B. experiencing constant returns to scale in the range of 50 to 51. C. experiencing diseconomies of scale in the range of 50 to 51. D. operating at the minimum efficient scale.