What is the shape of the long-run supply curve in an increasing-cost industry?
A. inverted U-shape
B. downward sloping
C. upward sloping
D. horizontal
Answer: C
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A perfectly competitive firm will operate and incur an economic loss in the short run if
A) the loss is smaller than its total fixed costs. B) it knows it can recoup the loss in the long run. C) shareholders do not know about the loss. D) the loss can offset future profits.
Suppose you start your own company making T-shirts that commemorate campus sporting events. An example of the resource capital would be
a. the factory you created in a building you are leasing b. your time and effort used to produce T-shirts c. the entire campus, since the demand for T-shirts is obtained from campus students d. the athletic facilities, since the athletic teams generate sporting events advertised on the T-shirts e. your creative designs used to commemorate different sporting events
Comparing firms in perfectly competitive markets to monopoly firms, which results in a deadweight loss?
What does full employment mean?
(A) There is no cyclical unemployment. (B) Those who want to work have full-time jobs. (C) Every person who wants to work has a job. (D) Approximately 80 percent of people have jobs.