Refer to the accompanying figure. What is the slope of the supply curve?
A. 4
B. 2
C. 1
D. 1/2
Answer: D
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The tax treatment of corporate profit means that corporations
A. cannot profitably issue common stock. B. choose investment opportunities more efficiently than do other types of firms. C. limit the things in which corporations can invest. D. can generally avoid paying federal taxes but not state taxes.
If, for a given output level, a perfectly competitive firm's price is less than its average variable cost, the firm
A) is earning a profit. B) should increase output. C) should increase price. D) should shut down.
Tariffs and quotas are essentially identical in their effects
Indicate whether the statement is true or false
The Clayton Act:
A) was passed in 1985 over the objections of then President Reagan. B) outlaws racial discrimination in the practice of business. C) outlaws the ownership of stock by the U.S. government unless it is in public enterprises. D) outlaws price discrimination unless based on cost differences.