Openness and change in the economic models of India and China have meant for the world economy all of the following EXCEPT
A) hundreds of millions of people have escaped poverty.
B) many manufactured goods and services have become cheaper.
C) forced some firms to downsize, offshore or otherwise change business practices.
D) increased the market power of firms in industrialized countries as they gained most from this evolving trade.
D
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In setting their prices, price searcher firms ignore
A) demand. B) marginal cost. C) the prices of competitors. D) all of the above. E) none of the above.
In a perfectly competitive market that is in long-run equilibrium, a permanent leftward shift in the market demand curve
A) raises the price in the short run. B) raises profits in the short run. C) leads to new firms entering the market in the long run. D) lowers the price at first but then raises it as firms leave the market.