The market demand curve shows the relationship between the price and the quantity demanded by all consumers, everything else being equal
Indicate whether the statement is true or false
TRUE
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In a constant cost industry:
a. a natural monopoly is likely to occur. b. total cost is the same, no matter how much a firm produces. c. the long-run supply curve will be perfectly elastic. d. entry of new firms in the industry will lead to a reduction in the cost of inputs.
The reserves kept as cash in the vault of a commercial bank are considered its assets
a. True b. False Indicate whether the statement is true or false
Suppose that the labor market for life guards is initially in equilibrium. Then the marginal productivity of life guards increases. What happens to the equilibrium wage and quantity of life guards?
a. Both the equilibrium wage and quantity increase. b. Both the equilibrium wage and quantity decrease. c. The equilibrium wage increases, and the equilibrium quantity decreases. d. The equilibrium wage decreases, and the equilibrium quantity increases.
Mark can produce 24 footballs or 48 basketballs in 8 hours. Maria can produce 64 basketballs in 8 hours. In order for Maria to have a comparative advantage producing basketballs, the number of footballs she can produce in 8 hours has to be less than _____
Fill in the blank(s) with correct word