The Keynesian short-run aggregate supply (SRAS) curve is
A) upward sloping.
B) vertical.
C) horizontal.
D) downward sloping.
C
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International trade based solely on internal scale economies in both countries is likely to be carried out by
A) monopolists in each country. B) a relatively large number of price competing firms. C) a relatively small number of price competing firms. D) a relatively small number of imperfect competitors. E) a large number of oligopolists in each country.
The Clayton Act is an example of
a. social regulation b. economic regulation c. Herfindahl regulation d. antitrust regulation e. public utility regulation
The current U.S. economy is based primarily on the production of
A. Agricultural goods. B. Goods for federal government use. C. Services. D. Manufacturing goods.
A supply curve that is parallel to the horizontal axis suggests that:
A. the industry is organized monopolistically. B. the relationship between price and quantity supplied is inverse. C. a change in demand will change price in the same direction. D. a change in demand will change the equilibrium quantity but not price.