Adam Matsumi is an attorney who can charge legal fees above the competitive level because entry of new competitors is made more difficult by the need to hold a(n)

If an economy is efficient:

a. resources are still available to produce specific consumer goods that are more desirable. b. prices are the lowest they can possibly be. c. all goods are produced at their maximum price and quality. d. all opportunities to make people better off without making other people worse off have been exploited.

The higher the price of a foreign currency, the more expensive that foreign country's goods and services are to individuals in the domestic economy

a. True b. False