Information on MC of production is all that is necessary to obtain the long-run industry supply curve, because P = MC is the profit-maximization condition for all firms.
Answer the following statement true (T) or false (F)
False
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The table above gives four production possibilities for airplanes and cruise ships. In possibility A, how many resources are devoted to the production of airplanes?
A) 0 B) few C) most D) all E) It is impossible to tell without more information about the prices of airplanes and cruise ships.
The number one cause of death in the United States was _______ in 1980. By 2014, it was _______.
a. AIDS; cancer b. heart disease; heart disease c. cancer; stroke d. homicide and accidents; adult onset diabetes e. stroke; pneumonia and influenza
Supply curves
A) slope upward. B) slope downward. C) are horizontal. D) can have many shapes.
Monopolistically competitive industries are characterized by all of the following except
A. Low concentration ratios. B. Independent production decisions. C. Homogeneous products. D. Low entry barriers.