In a price-taker market, the short-run market supply curve is the
a. vertical sum of the marginal cost curves of all firms in the market.
b. vertical sum of the average variable cost curves of all firms.
c. horizontal sum of the marginal cost curves of all firms so long as price exceeds average variable cost.
d. horizontal sum of the average total cost curves of all the firms in the market so long as average total cost exceeds the market price.
C
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If domestic returns are greater than foreign returns, then:
a. the spot rate is too high. b. the spot rate is too low. c. expectations of future exchange rates will change in the long run. d. There is no opportunity for arbitrage.
The income elasticity of a necessity is between zero and one.
a. true b. false
According to the textbook, the Fed's information is fairly imprecise in regards to all of these things EXCEPT:
A. size of output gaps. B. actual real GDP. C. speed of the effects of its actions. D. potential GDP.
In economic analysis, air pollution, water pollution, and scenery destruction are considered to be
A. private costs. B. externalities. C. internalities. D. opportunity costs.