Aggregate producer surplus in an industry can be measured along the market supply curve in the short run but not in the long run.
Answer the following statement true (T) or false (F)
False
Rationale: It can be measured along the long run market supply curve in the long run.
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In the above figure, curve A is the ________ curve and curve B is the ________ curve
A) total variable cost; total fixed cost B) total cost; total fixed cost C) total fixed cost; total variable cost D) total cost; total variable cost E) total variable cost; total cost
Entrepreneurs operate in which spheres of economic life?
a. c and e b. education and training c. production d. accounting e. markets
Figure 4-16
Assume that Figure 4-16 shows the supply of steak. An increase in the price of pork will change the supply from
a.
S1 to S2.
b.
S2 to S1.
c.
S2 to S3.
d.
S1 to S3.
If quantity supplied is less at each price, we say that there has been
A. an increase in supply. B. an increase in demand. C. a decrease in supply. D. a decrease in demand.