Which of the following is true if marginal costs increase at a slow rate as output increases?
a. The short-run aggregate supply curve is relatively steep.
b. The short-run aggregate supply curve becomes vertical
c. The short-run aggregate supply curve is relatively flat.
d. The long-run aggregate supply curve becomes horizontal.
e. The long-run aggregate supply curve becomes downward sloping.
c
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An ____________ identifies all the combinations of capital and labor that can be purchased at a given total cost.
Fill in the blank(s) with the appropriate word(s).
The concentration ratio for an oligopoly is considered
A. Under 40 percent. B. Over 60 percent. C. 100 percent. D. 90 percent.
Both the social sciences and the natural sciences employ ________ to help them understand the world around them.
A. implications B. models C. experiments D. traditional thinking
The term "nominal income" refers to
A. Money income measured in current dollars. B. Real purchasing power. C. Money income adjusted for any change in the price level. D. Real purchasing power deflated for rising prices.