In the long run in a perfectly competitive industry
A) opportunity costs are negligible.
B) economic profits will be zero.
C) some firms will be experiencing economic losses.
D) only entrepreneurs will earn more than their opportunity costs.
B
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The short-run aggregate supply line is:
A. upward sloping. B. downward sloping. C. horizontal at the current rate of inflation. D. vertical at the economy's potential output.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Consumption expenditure, investment, and net exports __________.
Fill in the blank(s) with the appropriate word(s).
Ford F-150 trucks, Production of this good is likely to fluctuate _____ fluctuations of real GDP during the business cycle.
Fill in the blank(s) with the appropriate word(s).