The long-run supply curve of an industry equals the industry’s

A. long-run marginal cost curve.
B. the horizontal sum of all firms’ supply curves at any point in time.
C. long-run average cost curve.
D. long-run total variable cost curve.


Answer: C

Economics

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If Bonnie can produce either 10 hats or 20 scarves in a month, and Phil can produce either 10 hats or 5 scarves in a month, then

A) Bonnie is equally efficient at producing hats, compared to Phil. B) Bonnie is more efficient at producing hats, compared to Phil. C) Bonnie is more efficient at producing scarves, compared to Phil. D) Phil is more efficient at producing scarves, compared to Bonnie.

Economics

Alan Kulikoff (2000) maintains that the opportunity to own land privately provided many individuals with incentive to relocate to colonial America and accept the associated risks

Indicate whether the statement is true or false

Economics

When you buy an automobile, you can prevent others from gaining any benefit simply by denying them access to the automobile. In this sense, an automobile is a(n)

a. exclusive good b. rival good c. public good d. merit good e. nonexclusive good

Economics

Are outstanding credit card balances counted as part of the money supply?

What will be an ideal response?

Economics