Refer to the diagram. Line (2) reflects the long-run supply curve for:
A. a constant-cost industry.
B. a decreasing-cost industry.
C. an increasing-cost industry.
D. a technologically progressive industry.
A. a constant-cost industry.
You might also like to view...
The main economic rationale for government provision of services is
a. positive externalities b. fairness c. helping the poor d. government failure e. all of the above
Only the federal government can create money.
Answer the following statement true (T) or false (F)
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $88,000; $90,000 C. $80,000; $88,000 D. $80,000; $99,000
Suppose Bobby just watched a documentary about the massive decline in house prices during the Great Recession. According to the availability heuristic, this is likely to make Bobby:
A. believe that house prices will be more stable in the future. B. believe that he is wealthier than other people. C. worry that the price of his own house might fall. D. think the movie is biased towards the status quo.