The long-run supply curve in a competitive market is more elastic than the short-run supply curve
a. True
b. False
Indicate whether the statement is true or false
True
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How do the following affect the equilibrium price in a market?
a. A leftward shift in demand b. A rightward shift in supply c. A large rightward shift in demand and a small rightward shift in supply d. A large leftward shift in supply and a small leftward shift in demand
Which of the following countries has the most equal income distribution?
A. Sweden B. Japan C. United States D. The Netherlands
For any competitive labor market, changes that decrease the number of workers will:
A. increase the labor supply and shift the supply curve right. B. decrease the labor supply and shift the supply curve right. C. decrease the labor supply and shift the supply curve left. D. increase the labor supply and shift the supply curve left.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.