The long-run supply curve in a constant-cost, perfectly competitive industry is
A) perfectly inelastic.
B) upward sloping.
C) downward sloping.
D) perfectly elastic.
D
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If a Canadian firm opens a production facility in the United States, the profits from this production facility received by the Canadian owners of the firm in exchange for the factors of production they supply will be included in the
A) gross domestic product of Canada. B) gross national product of the United States. C) gross national product of Canada. D) exports from Canada and imports to the United States.
The farther an indifference curve lies from the origin ________
A) the greater the level of individual income B) the lower its utility C) the lower the level of individual income D) the higher its utility
According to Monetarists, the natural rate of unemployment in each country will be determined by the structural characteristics of the
a. the productive efficiency of that country. b. relationship between the actual price level and the expected price level. c. the monetary policy of that country. d. Both a and b e. All of the above
For which of the following types of goods would demand be most price-elastic?
a. necessities b. goods with many substitutes c. goods that require only a small portion of the buyer's budget d. goods with vertical demand curves e. goods with vertical supply curves