International trade was not important to the industrializing U.S. since it was relatively rich in raw materials and land
Indicate whether the statement is true or false
False (The producers in the U.S. and many producers in the rest of the world relied on production operating on the basis of comparative advantage. They produced those goods and services that minimized opportunity costs around and across regions, the nation and the globe. Those items were then traded for those goods in which producers possessed a comparative disadvantage. Market size and economic conditions permitted many U.S. producers to trade with each other.)
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In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost, the firm is
A) making an economic profit. B) incurring an economic loss. C) making zero economic profit. D) definitely not maximizing its profit. E) None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm's profit or loss.
In the above figure, curve A is the ________ curve and curve C is the ________ curve
A) total variable cost; total fixed cost B) total cost; total fixed cost C) total fixed cost; total variable cost D) total cost; total variable cost E) total variable cost; total cost