Long-run market supply curves are upward sloping if
A) firms are identical.
B) the number of firms is restricted in the long run.
C) input prices fall as the industry expands.
D) All of the above.
B
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You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:
A. the wage for teachers in that district is lower than the equilibrium wage. B. the demand for teachers in the inner-city school district is too low. C. there is an excess supply of teachers in other districts. D. the wage for teachers in that district is higher than the wage in other districts.
If the marginal cost of producing steel exceeds the marginal utility of using steel, then for economic efficiency,
A. the price of steel should fall. B. society should produce less steel. C. the price of goods made with steel should fall. D. society should direct resources toward steel production and away from the production of other goods.
if the per capita income of a country is growing at 3.5 percent per year, approximately how long will it take for that income to double?
What will be an ideal response?
If there are powerful buyers in a labor market, the use of the supply-and-demand model to analyze labor markets
A. will cause you to believe the wage will be lower than it is. B. is completely accurate. C. will cause you to believe the wage will be higher than it is. D. will cause you to believe that fewer people will be hired than will be.