If an industry's long-run supply curve slopes downward, then the industry is
A. an increasing-cost industry.
B. a constant-cost industry.
C. a decreasing-cost industry.
D. a fixed-cost industry.
Answer: C
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Indicate whether the statement is true or false
The prisoner's dilemma game can be used to describe
A. the game Rock Paper Scissors B. why candidates in elections go negative. C. how individuals acting in their self-interest leads to the best outcome overall. D. a zero sum game.
Among developed economies, the natural rate of unemployment
a) is a fixed number b) tends to follow a steady upward trend c) varies, but less the actual unemployment d) varies more the actual unemployment e) tends to follow a steady downward trend
When economists use the term Ceteris paribus, they are indicating that:
A. the relationship between two economic variables cannot be determined. B. the analysis is true for the individual but not for the economy as a whole. C. all other variables except the ones specified are assumed to be constant. D. their conclusions are based on normative economics rather than positive economic analysis.