When the average total cost curves for firms are unaffected by the entry of other firms,
a. it is an increasing-cost industry
b. it is a decreasing-cost industry
c. the market's equilibrium price will eventually be restored after the market demand increases
d. firms will charge a higher price when demand rises
e. the long-run supply curve is positively sloped
C
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In Plessy v. Ferguson, the Supreme Court condoned separate but equal education
Indicate whether the statement is true or false
When there are more qualified applicants than job openings, this indicates that the
A. Available jobs must be very desirable and pay high wages. B. Economy must be in a recession. C. Wages being offered are too high. D. Labor supply curve must be backward-bending.
Based on the circular flow model, goods and services flow from:
A. households to businesses in product markets. B. businesses to households in product markets. C. households to businesses in factor markets. D. businesses to households in factor markets.
Cuba is known for its tobacco products. Which of the following results would we expect to see from a U.S. sanction on Cuba?
A. Cigar producers in Cuba being better off since their product is scarcer in the United States and therefore commands a higher price. B. Cuba's economy gaining because its own citizens enjoy less expensive tobacco. C. Transshipment of Cuban cigars to the United States occurring through other nations. D. The U.S. government benefiting from tariff revenue on Cuban tobacco products.