For a perfectly competitive industry, an improvement in technology will cause
A. the industry short-run supply curve to shift to the left.
B. a movement down the short-run industry supply curve.
C. the industry short-run supply curve to shift to the right.
D. a movement up the short-run industry supply curve.
Answer: C
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A rational decision is one that
A. satisfies all desires. B. avoids the intentional allocation of resources. C. assigns available resources in the manner most preferred by decision makers. D. assigns available resources to the uses with the lowest opportunity costs.
Explain an additional disadvantage for a country undergoing dollarization compared to a currency board or other exchange-rate targeting regimes
What will be an ideal response?
Seasonal unemployment is
A) due to the fact that workers must search for appropriate job offers. B) a result of a poor match of worker's abilities and skills with current requirements of employers. C) a result of business recessions that occur when aggregate demand is insufficient to create full employment. D) a result of the seasonal pattern of work in specific industries.
If the demand curve faced by an individual firm is perfectly elastic, the firm must be a(n)
A. pure monopoly. B. monopolistically competitive firm. C. oligopolistic firm. D. perfectly competitive firm.