The Table Below Shows the Quantity Demanded (In Thousands) and Quantity

question 53

True/False

The table below shows the quantity demanded (in thousands) and quantity supplied (in thousands) of computers in the U.S. and Canada at different prices.Table 20.5

-If the export supply curve and the import demand curve of tomatoes of Luxembourg intersect at the international price level of tomatoes, then Luxembourg will suspend trading tomatoes in the international market.

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Definitions:

Average Revenue

The amount of income generated per unit of output, calculated by dividing total revenue by the number of units sold.

Average Total Costs

The total costs of production (fixed and variable costs) divided by the number of units produced, showing the cost per unit.

Pure Monopoly

A market structure in which a single seller controls the entire supply of a product or service, and therefore can manipulate prices and conditions of sale.

Close Substitutes

Products or services that are so similar that a consumer can easily replace one with another, often affecting consumer choice and market competition.