Refer to the above figure. Which panel represents the long-run supply curve for a decreasing cost industry?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
Ans: D) Panel D
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In the short run, if the economy is at full employment, then the quantity of real GDP
A) is equal to potential GDP, and the unemployment rate is equal to the natural unemployment rate. B) does not necessarily equal potential GDP, but the unemployment rate is equal to the natural unemployment rate. C) is equal to potential GDP, but the unemployment rate does not necessarily equal the natural unemployment rate. D) is equal to potential GDP, but the unemployment rate is less than the natural unemployment rate. E) exceeds potential GDP, and the unemployment rate is less than the natural unemployment rate.
The supply of human capital to a particular use is
a. perfectly inelastic in the short run. b. perfectly elastic in the long run. c. more inelastic in the short run since it takes time for persons to acquire a particular skill. d. more elastic in the short run since individuals who already possess the particular skill can be attracted into the labor force in the short run.
An individual who is employed part time, but is looking for a full-time job, is classified as:
A. frictionally unemployed. B. cyclically unemployed. C. structurally unemployed. D. employed.
Which of the following correctly explains how expansionary monetary policy works?
A) G? ? C? ? Y? B) T? ? C? ? Y? C) M? ? i? ? I? ? Y? D) M? ? i? ? I? ? Y?