In reality, the long-run supply curve for a perfectly competitive market is upward sloping because:
A. of changing costs of production that firms may face.
B. experienced firms will have different information and costs than new firms.
C. not all firms have identical cost structures.
D. All of these are true.
Answer: D
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Which of the following is true?
A) All of the above are true. B) The parents of successful entrepreneurs almost always have at least a college education. C) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others. D) Entrepreneurs are under-represented among millionaires.
Government health and safety regulations or anti-discrimination laws can reduce real wages by:
A. increasing worker productivity. B. decreasing the demand for labor. C. reducing employer costs. D. decreasing the supply of labor.
The productivity speed-up of the 1950s and the 1960s could have been caused by
A. wartime innovations. B. civilian innovations after World War II. C. industrial innovations spurred by the Korean and Vietnam conflicts. D. decreases in the rate of population growth.
When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the
A. market price of the product. B. wage rate times the number of workers. C. marginal physical product. D. wage rate.