In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve.
B) a perfectly vertical labor supply curve.
C) a perfectly elastic labor supply curve.
D) none of the above.
C
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Compared to IACs, LDCs are often characterized by:
a. higher life expectancy. b. higher adult literacy rates. c. higher daily calorie supply. d. lower per capita energy consumption.
If apples and pears have equivalent opportunity costs,
a. it makes no difference what the economy produces, pears or apples b. the economy always gains from producing more and trading the other c. the production possibilities curve is bowed out d. one apple trades for two pears e. one apple trades for one pear
In the circular-flow diagram, households and firms are the decision makers
a. True b. False Indicate whether the statement is true or false
Figure 10.4, shown below, presented data on 62 countries' inflation rates relative to the U.S. rate of inflation and the percent change in the exchange rate for the years 1980-2010. What was the relationship between these two variables?
What will be an ideal response?