Changes in technology over time will result in
A) a more inelastic supply curve.
B) a more elastic supply curve.
C) a unitary elastic supply curve.
D) no change in the elasticity of supply.
Answer: B
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In the United States, all property is privately owned.
Answer the following statement true (T) or false (F)
MacDougall showed in his tests that
A) relatively higher U.S. labor productivity was associated with relatively higher U.K. export ratios. B) relatively higher U.K. labor productivity was associated with relatively higher U.K. export ratios. C) labor productivity ratios and export ratios were not associated with each other. D) None of the above.
Producer surplus is the amount by which total costs from production exceeds variable costs
Indicate whether the statement is true or false
An industry supply curve is the horizontal summation of the supply curves of all of the individual firms
a. True b. False Indicate whether the statement is true or false