The diagram concerns supply adjustments to an increase in demand (D 1 to D 2 ) in the immediate market period, the short run, and the long run. Supply curves S 1 , S 2 , and S 3 apply to the:
A. immediate market period, long run, and short run respectively.
B. immediate market period, short run, and long run respectively.
C. long run, short run, and immediate market period respectively.
D. short run, long run, and immediate market period respectively.
C. long run, short run, and immediate market period respectively.
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A cartel is a group of firms that
A) produce differentiated products. B) produce products that are complements. C) agree to restrict output to boost their profit. D) agree to boost output to boost their profit.
In the United States in 2014, over 90 percent of people without health insurance were below the age of 35
Indicate whether the statement is true or false
Labor is the _____ that can be applied to production.
A) the natural environment. B) produced resources. C) financial assets. D) human effort.
Which of the following is NOT an attempt to evade rent controls?
A) make life unpleasant for tenants B) require tenants to get furniture from the landlord C) subletting D) using the courts to challenge the sublease of a tenant