Part II. True or False (8%) 15. When two countries trade freely, all people in both countries are better off. (TF) 16. I

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Part Ii True Or False 8 15 When Two Countries Trade Freely All People In Both Countries Are Better Off Tf 16 I 1 (100.32 KiB) Viewed 34 times

Part II. True or False (8%) 15. When two countries trade freely, all people in both countries are better off. (TF) 16. In the long run, we expect zero economic profit for an average firm in a perfectly competitive market. (TF) 17. Free market is always the most efficient in terms of the social surplus we can get. (T 18. If we tax a market that has inelastic demand and supply, the deadweight loss will be smaller than taxing a market that has similar size but more elastic demand and suppl F)