The long-run aggregate supply curve is
A. downward sloping.
B. upward sloping.
C. vertical.
D. horizontal.
Answer: C
You might also like to view...
If the price exceeds the average variable cost but is less than the average total cost, a firm
A) should further differentiate its product. B) should stay in business for a while longer until its fixed costs expire. C) is making some profit but less than maximum profit. D) should shut down.
For a pure monopolist the relationship between total revenue and marginal revenue is such that:
A. marginal revenue is positive when total revenue is at a maximum. B. total revenue is positive when marginal revenue is increasing, but total revenue becomes negative when marginal revenue is decreasing. C. marginal revenue is positive when total revenue is increasing, but marginal revenue becomes negative when total revenue is decreasing. D. marginal revenue is positive so long as total revenue is positive.
A quota imposed on imported steel will cause the domestic ________ of steel to increase and the domestic ________ of steel to increase.
A. imports; exports B. revenues; imports C. price; production D. cost; price
Collective action is successful to the extent that it improves the welfare of those who participate in it
a. True b. False