A firm's marginal cost curve above the minimum of the average variable cost curve is also:
A. the firm's demand for production curve.
B. the firm's producer surplus curve.
C. the firm's short-run supply curve.
D. the market supply curve.
Answer: C
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Refer to the above figure. Which panel represents the long-run supply curve for a decreasing cost industry?
A) Panel A B) Panel B C) Panel C D) Panel D
Technological change is decreasing competition in the market for media
a. True b. False
Which of the following is an example of a normative economic statement?
a. The inflation rate in the United States decreased 4 percent because the price of energy fell. b. The economy grew at an annual rate of 5 percent during the first quarter of this year. c. If two automobile companies merge, the price of automobiles will rise. d. An increase in international trade benefits some workers but hurts others. e. The minimum wage should be increased so that low-income workers can afford to keep up with the cost of living.
In general, individuals and nations should specialize in producing goods ________ other individuals or nations.
A. for which they have a lower opportunity cost compared to B. that they can produce less quickly than C. for which they have a higher opportunity cost compared to D. that they can produce more quickly than