Short-run elasticity of supply is greater than long-run elasticity of supply
Indicate whether the statement is true or false
F
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It is true of externalities that they
A. are always detrimental. B. are always beneficial. C. arise when all costs, social and private, are included in production cost. D. cause the price system to misallocate resources.
To sell more units, a monopolist must
A) merely produce more units. B) advertise more. C) produce the profit maximizing rate of production. D) lower price.
If the acceptance of Project A makes it impossible to accept Project B, these projects are:
a. contingent projects b. complementary projects c. mutually inclusive projects d. mutually exclusive projects e. none of the above
We assume an upward sloping supply curve because:
A. the income effect tends to dominate labor-supply decisions in the real world. B. it makes better theoretical sense that the price effect would dominate. C. it makes better theoretical sense that the income effect would dominate. D. the price effect tends to dominate labor-supply decisions in the real world.