Competitive firms have
a. downward-sloping demand curves, and they can sell as much output as they desire at the market price.
b. downward-sloping demand curves, and they can sell only a limited quantity of output at each price.
c. horizontal demand curves, and they can sell as much output as they desire at the market price.
d. horizontal demand curves, and they can sell only a limited quantity of output at each price.
c
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The bulk of offshoring is vertical, relating to producing a component piece in an overall supply chain production
Indicate whether the statement is true or false
What is a government attempting to do by charging a gasoline tax?
a. Reduce the number of free riders who use public roads b. Encourage private firms to develop public goods c. Discourage free riders from using toll roads d. Shift the demand for gasoline to reduce consumption
Shane just received a pay raise. Which of the following actions would be an example of the substitution effect on labor?
a. deciding to work extra hours b. deciding to spend more time on leisure c. deciding to purchase more expensive brands d. deciding to save more money for retirement
Refer to the figure below. At P = 8 and Q = 4, D1 is ________ elastic than D2, which is shown graphically as D1 being ________ D2. 
A. more; steeper than B. more; flatter than C. less; steeper than D. less; flatter than