A constant-cost industry is one in which
A. the long-run supply curve is upward sloping.
B. the long-run supply curve is perfectly inelastic.
C. the long-run supply curve is downward sloping.
D. the long-run supply curve is perfectly elastic.
Answer: D
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Under the Sarbanes-Oxley Act of 2002, the clause that makes it unlawful for a registered public accounting firm to provide any nonaudit service to a client contemporaneously with an impermissible audit is an example of which remedy of conflicts of
interest? A) regulate for transparency B) supervisory oversight C) separation of functions D) socialization of information production
Refer to Figure 35.5. S1 represents the U.S. domestic supply of a good and S2 represents supply in the United States under conditions of free trade. If the United States imposes a tariff on this good, what will happen to the quantity imported?
A. Imports will decline as price increases and domestic production decreases. B. Imports will increase because producers will pass the cost of the tariff on to consumers. C. Imports will decline as price increases and domestic production increases. D. Imports will increase as price increases and domestic production increases.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
In relation to its materiality, the audit of cash requires little audit time.
a. true b. false