In a closed economy, imports equal ______.

Suppose a market produces 5,000 tons of wheat. At this quantity, the marginal cost exceeds the marginal benefit. This outcome could be the result of

A) a quantity regulation limiting the amount that can be produced. B) a monopoly. C) a subsidy. D) an external benefit. E) producing a public good.

Suppose there are economies of scale in the production of a specialized memory chip that is used in manufacturing microwaves. This suggests that the microwave industry is a decreasing-cost industry

Indicate whether the statement is true or false