Which of the following is NOT one of the four main arguments in favor of import-substituting industrialization (ISI)?
A. The argument of using cheap and convenient market information
B. The infant industry argument
C. The argument of using skilled labor
D. The developing government argument
Answer: C
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Which of the following statements is false?
A) In the short run: total cost = fixed cost + variable cost. B) Variable costs are costs that change as output changes. C) An explicit cost is a nonmonetary opportunity cost. D) In the long run there are no fixed costs.
Which of the following is true for a firm operating under perfect competition, monopolistic competition, and monopoly?
a. Firms earn positive economic profits in the long run. b. Firms earn zero economic profits in the long run. c. Profits are maximized when marginal cost equals marginal revenue. d. Price equals marginal cost.