The more firms that are attracted to an industry, the greater will be the quantity of product supplied at any given price
a. True
b. False
Indicate whether the statement is true or false
True
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Using the data in the above table, what is the value of national saving?
A) $1,202 billion B) $2,837 billion C) $1,053 billion D) -$85 billion
Today's demand curve for gasoline could shift in response to a. a change in today's price of gasoline
b. a change in the expected future price of gasoline. c. a change in the number of sellers of gasoline. d. All of the above are correct.
When wages rise:
A. neither the opportunity cost of an hour of leisure nor the quantity of labor supplied is likely to change. B. the opportunity cost of an hour of leisure declines. C. the quantity of labor supplied always declines. D. the opportunity cost of an hour of leisure increases.
The production of economically desirable public goods must be sponsored by government because:
A) the existence of large external costs precludes their production in the private sector. B)public goods have characteristics which make it dif?cult or impossible for private ?rms to produce thempro?tably. C) the law of increasing marginal opportunity costs does not apply to public goods. D) the bene?ts derived from their production exceed the costs of producing them. '