Refer to Figure 6-10. A perfectly inelastic supply curve is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
A
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An external cost is:
A. the cost of a warehouse. B. a cost of production in some other market. C. the economic harm that a positive externality imposes on others. D. the economic harm that a negative externality imposes on others.
Using the liquidity preference framework, show what happens to interest rates during a business cycle recession
What will be an ideal response?
Increasing returns to scale:
a) means that output rises proportionately more than inputs, resulting in increasing per unit costs. b) means that output rises proportionately more than inputs, resulting in lower per unit costs in the long run. c) has the same meaning as increasing costs of production. d) means that output rises proportionately less than inputs, increasing per unit cost of production in the short run. e) implies that the long-run average cost curve is shifting downward.
the law of comparative advantage does not apply to _____ a. entire nations.
b. natural resources. c. individuals. d. firms. e. the regions of a country.