If Europe and the United States were the only two regions in the world, then U.S. residents might desire to buy euros for all except one of the following reasons. Which is the exception?
a. to invest in Europe
b. to buy European goods
c. to improve the U.S. balance of payments
d. to make loans in Europe
e. to buy European stocks
C
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Cartels display a pronounced tendency to disintegrate over time because
A) increased profits induce laziness and carelessness among cartel members. B) nobody benefits in the long run from their operation since they merely redistribute wealth. C) their operation is so blatantly contrary to the public interest. D) there are so many margins on which competition can occur.
Use the following graph for a perfectly competitive firm to answer the next question.
The firm's short-run supply curve is
A. the "cd" segment and above on the MC curve. B. the "abcd" segment and above on the MC curve. C. not shown. D. the "bcd" segment and above on the MC curve.