A firm that is a price maker can
a. limit output and raise prices.
b. ignore the law of demand.
c. ignore the elasticity of the demand for the product.
d. both limit output and raise prices and ignore the elasticity of the demand for the product.
a. limit output and raise prices.
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What is the "most favored nation" principle of the WTO?
a. Trading partners may choose a favorite nation to trade with. b. Any nation can refuse to trade with another that is not its most favored nation. c. The WTO has the right to choose the nation that has performed best within the WTO guidelines as its most favored nation. d. Every nation must grant the same rights and treatment to other nations in the WTO as its "most favored nation."
The amount earned by the tertiary laborer is determined by labor productivity in the primary and secondary sectors of the U.S. economy
Indicate whether the statement is true or false