Recall the Application about the demand and price for margarine to answer the following question(s).Recall the Application. The reason that the change in demand for margarine did not change the equilibrium price in the long run is because the margarine industry is an example of ________ industry.
A. a decreasing-cost
B. an increasing-cost
C. a constant-cost
D. a negative-cost
Answer: C
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Refer to Table 2-5. Estonia has a comparative advantage in the production of
A) neither product. B) lumber. C) cell phones. D) both products.
A lobbyist for the coal industry asks Congress to limit environmental constraints on coal-burning plants. This is an example of
a. the median-voter model b. rent seeking c. perfect competition d. monopoly e. public-interest legislation
Based on the fact that the companies Ford, IBM, PepsiCo, and McDonald's own and operate producing units in many different countries, they are categorized as:
a. joint ventures. b. sole proprietorship firms. c. partnership firms. d. multinational firms. e. co-operative firms.
If workers and firms forecast inflation accurately,
a. the aggregate supply curve will be vertical. b. the real wage will not decline as the price level rises. c. workers will not lose from inflation, and firms will not gain. d. All of the above are correct.