Refer to the above figure. The supply curve is
A. perfectly elastic.
B. perfectly inelastic.
C. elastic at high prices and inelastic at low prices.
D. unitary for all prices.
Answer: B
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When a country's production possibilities frontier shifts outward over time, the country is experiencing
A) no opportunity cost. B) economic growth. C) higher unemployment of resources. D) a decrease in unemployment of resources. E) an end to opportunity cost.
When the rate of cyclical unemployment is zero, the
a. natural rate of unemployment must also be zero. b. rate of frictional unemployment must be negative. c. economy must have entered a recessionary stage. d. economy is considered to be at full employment.
When a competitive market experiences an increase in demand that increases production costs for existing firms and potential new entrants, which of the following is most likely to arise?
a. The long-run market supply curve will be upward sloping. b. The condition of free entry into the market will be violated. c. Producer profits will fall in the long run. d. The long-run market supply curve will be horizontal as new firms enter and drive the price downward.
Which of the following is a cause of the changing role of women in American society over the past several decades?
a. new technologies that have reduced the amount of time required to complete routine household tasks b. improved birth control c. changing political and social attitudes d. All of the above are correct.