The long-run aggregate supply curve is ________.
A. vertical
B. upward-sloping and becomes flatter at output levels above the full-employment output
C. upward-sloping and becomes steeper at output levels above the full-employment output
D. horizontal
Answer: A
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If tastes are homothetic, there exists a utility function (that represents those tastes) such that the indirect utility function is homogeneous of degree 1 in income.
Answer the following statement true (T) or false (F)
In the above figure, the efficient level of chemicals produced per week is
A) 0 tons. B) 4 tons. C) between 5 and 7 tons. D) 8 tons.
Because each firm has a relatively large share of the market, the actions of one firm do not have much effect on the decision making of other firms in an oligopolistic market
Indicate whether the statement is true or false
Which person created the five management functions?
a. frank gilbreth b. peter drucker c. henry fayol d. max weber