What is the shape of the long-run supply curve in a constant-cost industry?
A) horizontal
B) vertical
C) downward sloping
D) upward sloping
Answer: A
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If a firm uses labor to produce output, the firm's production function depicts the relationship between
a. the number of workers and the quantity of output. b. marginal product and marginal cost. c. the maximum quantity that the firm can produce as it adds more capital to a fixed quantity of labor. d. fixed inputs and variable inputs in the short run.
A nonrenewable resource:
A. can be replenished naturally over time. B. is used to regenerate an old piece of capital. C. is a production input that comes from the earth. D. All of these statements are true.
Commercial banks are able to create money because
What will be an ideal response?
A product has utility if it:
A. takes more and more resources to produce successive units of it. B. violates the law of demand. C. satisfies consumer wants. D. is useful.