An increase in the number of producers in an industry will:
a. make the industry supply curve flatter
b. make the industry supply curve steeper.
c. shift the industry supply curve to the right.
d. shift the industry supply curve to the left.
c
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Patents ________ permit investors to have a monopoly on their innovation and ________ permit them to earn economic profit.
A) do not; do not B) do; do not C) do; do D) do not; do
A nation's standard of living is determined by
a. the percentage of its GDP that is accounted for by government purchases. b. the quantity of natural resources with which it is endowed. c. the productivity of its workers. d. factors and events that are beyond the nation's control.
What is the opportunity cost of 1 tractor in terms of automobiles for the U.S. and Japan, respectively?
A. 0.5 automobiles and 2 automobiles
B. 0.5 automobiles and 1 automobile
C. 2 automobiles and 1 automobile
D. 2 automobile and .25 automobiles
In the long run, the most important factor that shifts the aggregate supply curve is
A. technological change. B. change in prices of inputs. C. business confidence. D. change in net trade