The typical shape of the long-run average cost curve is like
A. a circle.
B. an inverse of the letter "V."
C. the letter "C."
D. the letter "U."
Answer: D
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When a government fines and/or imprisons persons convicted of using illegal drugs, the government is attempting to decrease the illegal drug trade by shifting the ________ curve for illegal drugs ________
A) demand; rightward B) demand; leftward C) supply; rightward D) supply; leftward
If we observe firms earning zero economic profits in the short run, we know that
A) the industry must be perfectly competitive. B) the industry must be either perfectly competitive or monopolistically competitive. C) there must not be any barriers to entry. D) any market structure is possible since firms under any market structure can earn zero profits at some time.
Explain why the LDCs are unable to invest much in capital goods and human capital
Firms stop producing DVDs and start producing Blu-ray discs because people prefer Blu-ray discs discs to DVDs. This will
A. make the economy more stable. B. make the distribution of outcome more equitable. C. make the economy less stable. D. improve efficiency.