What is the shape of the long-run supply curve in a decreasing-cost industry?
A) horizontal
B) increasing
C) downward sloping
D) upward sloping
Answer: C
You might also like to view...
The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the quantity of vacations demanded at today's price will increase by ________ percent
A) 3 B) 5/3 C) 15 D) 5
The study of how people make decisions in situations in which attaining their goals depends on their interactions with others is called
A) oligopoly. B) competitive analysis. C) strategic analysis. D) game theory.
If you purchase one pound of apples the price is $1.50 per pound. If you buy a five pound bag of apples, the cost is $5.00. This is most likely an example of
A) quantity discounts. B) lower marginal cost. C) lower marginal benefit. D) price gouging.
When they first appeared in the U.S., corporations did not have all the advantages that they have today. For example, early corporations:
a. had to be re-chartered upon the death of a shareholder. b. were taxed at a higher rate than sole proprietorships and partnerships. c. did not have the legal protection of limited liability. d. were not allowed to have more than 12 shareholders. e. All of the above.