If factor prices rise as demand increases and the firms expand output, the long-run market supply curve will be upward sloping. In terms of economics, this describes
a. an oligopolistic industry.
b. a constant cost industry.
c. an increasing cost industry.
d. a decreasing cost industry.
C
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Which of the following causes an economy to move rightward along the aggregate production function?
A) A decrease in the capital stock B) An improvement in technology C) An increase in the productivity of workers D) An increase in the price level
Is there any difference between fining people who put contaminants into the atmosphere and charging fees for putting contaminants into the air?
A) Not if the fee and the fine are the same per quantity of contaminant. B) Not if the fee per quantity of contaminant is the same as the fine multiplied by the probability of "getting caught." C) Only in the language or rhetoric, but not in the incentives the laws create. D) Yes, because a fee constitutes social authorization while a fine expresses social disapproval.
The absolute value of the slope of the budget constraint is equal to
A) the quantity of the good on the vertical axis divided by the quantity of the good on the horizontal axis. B) the price of good on the horizontal axis divided by the price of the good on the vertical axis. C) the marginal rate of substitution between the two goods in question. D) the price of good on the vertical axis divided by the price of the good on the horizontal axis.
Which act established rules and regulations for minimum wage, overtime pay, record-keeping and child labor standards?
(a) Fair Labor Standards Act of 1938 (b) Walsh-Healy Act of 1936 (c) National Industrial Recovery Act (1933) (d) Wagner Act of 1935