The perfectly competitive firm's long-run supply curve is
a. the same as the industry's supply curve
b. the average total cost curve
c. perfectly horizontal
d. the marginal cost curve above the ATC
e. the marginal cost curve above the AVC
D
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One basic difference between "land" and "capital" resources is that land is
A. a gift of nature, while capital is manufactured. B. manufactured, while capital is a gift of nature. C. unlimited, while capital is limited. D. limited, while capital is unlimited.
Critically evaluate the following statement. "If a country can produce a good using fewer inputs than other country then that means that country enjoys a comparative advantage."
What will be an ideal response?
Refer to Figure 16-2. What is the quantity sold to each group of customers and what is the total quantity sold?
A) quantity sold to students = Qc; quantity sold to non-students = Qe; total sales = Qe+Qc B) quantity sold to students = Qb; quantity sold to non-students = Qb; total sales = Qa C) quantity sold to students = Qc; quantity sold to non-students = Qb; total sales = Qb+Qc D) quantity sold to students = Qc; quantity sold to non-students = Qd; total sales = Qd+Qc
The industry that most closely approximates the conditions of the oligopoly model is:
a. Restaurant. b. Retail clothing. c. Home construction. d. Airlines.