Refer to the graph shown. The supply curve for the perfectly competitive firm is best represented by the segment:
A. DE.
B. BD.
C. AB.
D. CE.
Answer: D
You might also like to view...
Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar falls from $45 to $35, the market quantity demanded would
A) increase by 50 oz. B) decrease by 50 oz. C) decrease by 70 oz. D) increase by 70 oz.
Which of the following is NOT a deficit item on a country's balance of payments?
A) gold sales to foreigners B) imports C) a personal gift to a foreign individual D) none of the above
In the calculation of the cost of going to college, an economist would always include the cost of room and board.
Answer the following statement true (T) or false (F)
When OPEC raises the price of petroleum, American expenditures on oil imports increase, suggesting that
a. the United States' elasticity of demand for imported oil is greater than one. b. the United States' elasticity of demand for imported oil is less than one. c. imported oil and domestically produced oil are complementary goods. d. the short-run elasticity of demand for oil is greater than the long-run elasticity.