The long-run aggregate supply curve is:
A. downward sloping.
B. horizontal.
C. vertical.
D. upward sloping.
C. vertical.
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Revenue remains unchanged along a straight-line demand curve.
Answer the following statement true (T) or false (F)
In economics, satiation means
A. that quantity demanded and quantity supplied rises. B. that the market price has been attained. C. eventually the marginal value of the good consumed decreases. D. eventually the marginal value of the good consumed increases.
The joining of two or more firms competing in the same market with the same good or service:
a. Stockholm enterprise b. partnership c. vertical merger d. horizontal merger e. Pineapple Ring
The idea that it takes 80 percent of your time to clean up the last 5 percent of your house illustrates that
A) the marginal cost of cleaning up slopes downward. B) the marginal cost of cleaning up slopes upward. C) the marginal benefit of cleaning up is constant. D) the marginal benefit of cleaning up slopes upward.