If firms in a competitive market are NOT identical, then the long-run market supply curve will be
A) horizontal.
B) upward sloping.
C) downward sloping.
D) undetermined.
B
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A firm that is a price taker faces
A) an elastic supply curve. B) an inelastic supply curve. C) a perfectly elastic demand curve. D) a perfectly inelastic demand curve. E) an elastic but not perfectly elastic demand curve.
There is no market failure if
A. the marginal private cost curve is upward sloping. B. the demand curve (for a good or service) is downward sloping. C. the demand curve lies about the marginal private cost curve. D. marginal private costs are greater than the external costs associated with a negative externality. E. none of the above
Which of the following would cause the nominal exchange rate to depreciate?
A) The real exchange rate appreciates. B) The domestic inflation rate increases. C) The foreign inflation rate increases. D) The government budget deficit increases.
If the price of coffee is $1 per pound, how much would it have to change to reach its equilibrium price?
a. increase $1
b. increase $2
c. increase $3
d. increase $4