The market labor-supply curve is:
A. upward sloping.
B. downward sloping.
C. perfectly elastic.
D. perfectly inelastic.
A. upward sloping.
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You read online that, at current rates of production, the yearly world supply of food is sufficient to feed the projected 2050 population of earth, but that after 2050 there will be massive starvation. This prediction appears to assume that:
A. the long-run supply of food is perfectly inelastic. B. the long-run supply of food is perfectly elastic. C. the short-run supply of food is perfectly elastic. D. the short-run elasticity of supply of food is greater than long-run elasticity of supply.
Based on the figure, the economy is initially in long-run equilibrium at point A. If there is a favorable supply shock that increases potential output and shifts the long-run aggregate supply curve from LRAS to LRAS', then the new long-run equilibrium is reached at point: 
A. B B. D C. E D. C
A monopoly is a market with
A) many suppliers each producing an identical product. B) no barriers to entry. C) many substitutes. D) one supplier. E) many suppliers each producing a slightly different product.
Which of the following is a true statement?
A. Innovation normally follows invention and precedes diffusion. B. Invention normally follows diffusion and precedes innovation. C. Diffusion normally follows invention and precedes innovation. D. Innovation normally follows diffusion and precedes invention.