Refer to the figure above. What is the initial equilibrium employment and wage rate?
A) 10 units of labor and $25 B) 20 units of labor and $25
C) 30 units of labor and $15 D) 10 units of labor and $35
B
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A U-shaped long-run average cost curve implies that a firm experiences economies of scale at low levels of production and diseconomies of scale at high levels of production
Indicate whether the statement is true or false
If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then
A) the cloth exporter will increase the quantity of cloth produced. B) the cloth exporter will increase the quantity of cloth exported. C) the food exporter will increase the quantity of food exported. D) the cloth exporter will decrease the quantity of cloth exported. E) the country would import more cloth.