An improvement in production technology will
a. increase a firm's costs and increase its supply.
b. increase a firm's costs and decrease its supply.
c. decrease a firm's costs and increase its supply.
d. decrease a firm's costs and decrease its supply.
c
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A monopolistically competitive firm in the long run will
A. have a demand curve tangent to its AC. B. have a demand curve below its AC. C. have a demand curve above its AC. D. operate where excessive profit can be achieved.
A firm's level of investment depends on the market interest rate _____
Fill in the blank(s) with the appropriate word(s).
A country's nonofficial financial account balance equals its net foreign investment.
Answer the following statement true (T) or false (F)
Which of the following characteristics would describe a product with an inelastic demand?
A. The good is considered a necessity and many substitutes for the product exist. B. The good is considered a necessity and few substitutes for the product exist. C. The good is considered a luxury and many substitutes for the product exist. D. The good is considered a luxury and few substitutes for the product exist.