Firms in long-run perfect competition produce at
A) increasing returns to scale.
B) decreasing returns to scale.
C) constant returns to scale.
D) no returns to scale.
C
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Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity of wool supplied would ________ because
the market supply curve for wool is ________ sloped. A) decrease; negatively B) increase; negatively C) increase; positively D) decrease; positively
The possibility that the managers of a corporation might not always act in the best interest of its owners is an example of the principal-agent problem
Indicate whether the statement is true or false
A decrease in the unemployment rate will shift the PPF outward from the origin
a. True b. False Indicate whether the statement is true or false
By providing free garbage removal, a community
A. discourages activities that produce detrimental externalities. B. disincentivizes citizens from recycling. C. leads citizens to throw out less garbage than is socially optimal. D. raises the opportunity cost of recycling.