In a perfectly competitive industry, assume the short-run average total cost increases as the output of the industry expands. In the long run, the industry supply curve will:
A. have a positive slope.
B. have a negative slope.
C. be perfectly horizontal.
D. be perfectly vertical.
Answer: A
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If you have a policy with 20 percent co-insurance, your insurer will pay ___ percent of your bill, leaving ___ percent for you.
A. 80; 20 B. 70; 30 C. 75; 25 D. None of the above is correct.
Political scientist Elinor Ostrom won the 2009 Nobel Prize in Economics for demonstrating in detail how communities around the world
a. experience gaps in wealth and economic power. b. manage common pool resources effectively. c. see power as the ability to collaborate.
Unique risk is another name for:
A. the risk premium. B. idiosyncratic risk. C. market risk. D. systematic risk.
The cost of a bachelor's degree in philosophy equals the tuition plus the cost of room and board.
Answer the following statement true (T) or false (F)