The long-run supply curve for a competitive industry may be upward sloping if
a. there are barriers to entry.
b. firms that enter the industry are able to do so at lower average total costs than the existing firms in the industry.
c. some resources are available only in limited quantities.
d. accounting profits are positive.
c
You might also like to view...
In the above figure, the curve labeled a is the ________ curve and the curve labeled b is the ________ curve
A) marginal cost; marginal benefit B) marginal cost; trade line C) marginal benefit; trade line D) production possibilities frontier; trade line
Assume an economy is operating on its production possibilities curve, which shows the production of military and civilian goods. If the output of military goods is increased, the output of civilian goods:
A) will increase too. B) will not change. C) must decrease. D) may increase or decrease.
Globalization has had a positive effect on private sector labor union membership rates.
Answer the following statement true (T) or false (F)
A reduction of the reserve ratio would be an example of
A. contractionary monetary policy. B. contractionary fiscal policy. C. expansionary fiscal policy. D. expansionary monetary policy.