An industry's long-run supply curve shows
A) the relationship in the long run between market price and quantity supplied.
B) how the government determines the price of the product.
C) how average productivity is changing.
D) greater than normal profit.
Answer: A
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The duration of unemployment tends to rise when
A) business activity goes into a downturn. B) business activity starts back up after a long period of decline. C) people leave their jobs rather than lose their jobs. D) the number of entrants exceeds the number of reentrants.
If people buy less chewing gum at every price when their incomes fall, then
a. chewing gum is a normal good b. the demand for chewing gum is downward sloping c. demand for chewing gum has increased d. the price of chewing gum has increased e. population has decreased
Real GDP per person is $10,000 in Country A, $20,000 in Country B, and $30,000 in Country C. The saving rate increases by the same rate in all three countries. Other things equal, we would expect that
a. all three countries will grow at the same rate. b. Country A will grow the fastest. c. Country B will grow the fastest. d. Country C will grow the fastest.
The monopolist's marginal revenue curve is downward sloping because:
a. the monopolist must lower its price in order to sell more. b. it operates in the range where ATC is downward sloping. c. it operates in the range where MC is downward sloping. d. its total revenue declines as it sells more.