In a perfectly competitive market where firms are currently experiencing economic profits in the short-run, which of the following is least likely to occur during the long-run?
A. An increase in the market quantity demanded.
B. A rightward shift in the market supply curve.
C. A decline in the ATC and MC curves.
D. An increase in marginal revenue.
Answer: D
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The South's economy was based on production of
A. iron, steel and textiles. B. corn, wheat and soybeans. C. tobacco, cotton and rice. D. iron, wheat and cotton.
The Sherman Act of 1890 was passed to prohibit
A) combinations, trusts, or conspiracies to restrict interstate or international trade. B) monopolization or attempts to monopolize interstate or international trade. C) both of the above. D) neither of the above.
Adding more resources to production causes
a. a downward movement along the production possibilities curve b. the production possibilities curve to shift in toward the origin c. an upward movement along the production possibilities curve d. the production possibilities curve to shift out from the origin e. the production possibilities curve to become positively sloped
If a country has Y > C + I + G, then it has
a. positive net capital outflow and positive net exports. b. positive net capital outflow and negative net exports. c. negative net capital outflow and positive net exports. d. negative net capital outflow and negative net exports.