Which of the following events does NOT occur when market demand shifts leftward in an increasing-cost industry?
A) Initially, the output produced by existing firms declines along the short-run market supply curve.
B) The market price declines below the minimum LAC due to the short-run supply response.
C) The market supply curve shifts leftward as some firms exit the market when the market price is below the minimum LAC.
D) As firms exit, the market price rises and attracts other firms to enter the market.
E) The LAC curve shifts downward as output falls.
D
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An assumption used in the quantity theory of money is that
A) velocity is constant. B) the money supply is constant. C) nominal Gross Domestic Product (GDP) is constant. D) the price level is constant.
For the last 100 years, the level of government that has seen the largest increase in its percentage of expenditures is
A. local. B. state. C. federal. D. all of these answer options are correct.
Successive monopolies can earn larger profits by operating independently rather than working together or cooperating
Indicate whether the statement is true or false
Which of the following is NOT true of opportunity cost?
a. Opportunity costs are subjective because they depend upon how the decision-maker values his or her options. b. Opportunity costs are only the monetary costs of lost options. c. Opportunity costs are the highest-valued alternative sacrificed in order to choose an option. d. Only the decision-maker can determine his or her opportunity costs for any particular action.