A Country Will Import a Good Only If

question 89

Multiple Choice

A country will import a good only if

• A)there is excess domestic quantity supplied at the world price
• B)domestic quantity supplied is greater than world quantity supplied
• C)domestic quantity demanded is less than world quantity demanded
• D)domestic quantity demanded is zero at the world price
• E)excess quantity demanded is positive at the world price

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Definitions:

Identical Firms

Companies that offer the same products or services and operate in the same market with similar strategies and resources.

Cost Data

Information regarding the expenses incurred in the production, operation, or acquisition of goods and services.

MC Curve

Represents the marginal cost curve, which shows the cost of producing an additional unit of a good or service.

Technological Advance

The development of new technologies and improvement of existing technologies to increase productivity or address new challenges.