In theory, the long-run supply curve for perfectly competitive market firms who are identical is:
A. perfectly elastic.
B. perfectly inelastic.
C. upward sloping.
D. downward sloping.
A. perfectly elastic.
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Infrastructure is capital provided by the private sector. True or False
A decline in the price of resource A will
A. shift the demand curve for A to the right. B. shift the demand curve for A to the left. C. reduce the demand for complementary resource B. D. increase the demand for complementary resource B.
The implied growth rate for a country between 1960 and 2010 is 6%. This implies that:
A) the country needed to grow at an average rate of 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting with the 1960 level. B) the country needed to grow by at least 6% in any of the fifty years between 1960 to 2010 to reach the level of GDP in 2010 starting with the 1960 level. C) the growth rate of GDP in the country was above 6% between 1960 to 1990 and above 6% between 1991 and 2010. D) the country needed to grow at rates above 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting from the 1960 level.
The most prevalent form of business enterprise in the U.S. is the
a. sole proprietorship. b. partnership. c. corporation. d. cooperative.