The long run supply curve for an increasing cost industry is:
a. horizontal.
b. upward sloping.
c. vertical.
d. downward sloping.
b
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The figure above shows Sam's budget line. Sam's budget line shows
A) which combinations of gasoline and coffee Sam can afford. B) which combinations of gasoline and coffee Sam is planning to purchase. C) whether or not Sam thinks gasoline and coffee are worth their prices. D) whether or not Sam currently has enough gasoline and enough coffee.
The above figure shows the market for steel ingots. If the market is competitive, then
A) the socially optimal quantity of steel is zero. B) the socially optimal quantity of steel of 50 units is produced. C) the socially optimal quantity of steel of 100 units is produced. D) more than the socially optimal quantity of 50 units of steel is produced.
More than 50% of the elderly receive private pensions
Indicate whether the statement is true or false
A franchisee is likely to command_____ earnings than a salaried manager
a. Higher b. Lower c. The same d. None of the above