A supply curve slopes upward because quantity supplied is higher when price is higher.
Answer the following statement true (T) or false (F)
True
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When Fed policy is being used to offset an inflationary gap, which of the following variables increases as a result? a. Aggregate demand. b. Investment
c. Net Exports. d. Interest rates.
By offering lower prices to customers who buy a large quantity, a monopoly is price discriminating
a. True b. False Indicate whether the statement is true or false
Ilona’s country has five factories. In contrast, Hassan’s country has 100 factories. How will productivity in each country be impacted if each country builds two new factories?
a. Both Ilona’s and Hassan’s countries will experience a major increase in productivity. b. Hassan’s country will experience a relatively large increase in productivity, while Ilona’s country will experience a relatively small increase in productivity. c. Ilona’s country will experience a relatively large increase in productivity, while Hassan’s country will experience a relatively small increase in productivity. d. Neither Ilona’s nor Hassan’s country will experience an increase in productivity.
Which is true of a purely competitive firm in long-run equilibrium?
A. Marginal cost equals marginal product. B. Price equals marginal cost. C. Average variable cost equals marginal cost. D. Average fixed cost equals price.