An industry with a ________ long-run supply curve is called an increasing-cost industry.
A. positive sloping
B. horizontal
C. backward bending
D. negative sloping
Answer: A
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The aggregate production function of Ritland is Y = A × K0.3 × H0.7. The total output produced in Ritland in a certain year was worth $135,000
The technology used in the country improved over the next 10 years while the capital stock and the efficiency units of labor remained approximately the same. Which of the following is likely to be true in this case? A) The Human Development Index of the country is likely to improve. B) The gross domestic product of the country is likely to increase. C) The gross domestic product of the country is likely to decrease. D) The inflation rate in the country is likely to reduce.
Labor is available at a wage of $10 . The last worker hired by Cal's Corn Farm added 20 ears of corn, which Cal has priced at four ears for $1 . What advice would you give Cal?
A movement upward and to the left along a given demand curve is called a decrease in demand
a. True b. False Indicate whether the statement is true or false
If the market interest rate decreases, then there will _____
Fill in the blank(s) with the appropriate word(s).