Because of increasing marginal cost, most supply curves
A) are horizontal.
B) are vertical.
C) have a negative slope.
D) have a positive slope.
D
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Assume that the reserve ratio is 20% and banks in the system are loaning out all their excess reserve. If people collectively cash out $10 billion from their checking accounts, then the lending ability of the banking system will be
A. increased by $10 billion. B. decreased by $40 billion. C. decreased by $50 billion. D. decreased by $10 billion.
Statistical correlation always implies causation.
Answer the following statement true (T) or false (F)
In the case of perfectly inelastic demand, the demand curve is:
A. upward sloping. B. downward sloping. C. vertical. D. horizontal.
An example of an implicit cost is:
A. the wages paid to workers. B. the interest on business loans. C. the imputed rent on a store owned by the firm. D. the materials used to produce the product.