The expansion of capital that can occur in the long-run but not, by definition, in the short-run, means that the long-run supply is
a. perfectly horizontal while the short-run supply curve is upward sloping.
b. sloping downwards while the short-run supply curve is upward sloping.
c. less elastic than the short-run supply curve.
d. more elastic than the short-run supply curve.
d. more elastic than the short-run supply curve.
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When comparing elasticities between two different linear demand curves, the curve that is flatter has greater price elasticity at every given price
Indicate whether the statement is true or false
Holding demand constant, an increase in supply leads to
A) lower prices and higher quantity demanded. B) lower prices and lower quantity demanded. C) higher prices and higher quantity demanded. D) higher prices and lower quantity demanded.
Who among the following is neither employed nor unemployed?
a. Kate, who did not work because she wanted to complete her studies but is now available for work b. Robert, who is working part-time at Kent's Snack Bar as he wants more time to study c. Greg, who is a doctor working as the head of the neurosciences department of a community hospital d. Smith, who is an accountant by profession but is working as a clerk in a bank
In a particular production process, if the quantities of all inputs used double, then the quantity of output doubles as well. This means that
a. the production process cannot be enhanced by technological advances. b. no mathematical representation of the relevant production function can be formulated. c. the relevant production function has the limits-to-growth property. d. the relevant production function has the constant-returns-to-scale property.