In a perfectly competitive industry, the industry demand curve
A) must be horizontal.
B) must be vertical.
C) is upward sloping.
D) is downward sloping.
D
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The desirability of an export orientation for development rests on the claim that export industries
a. make better use of domestic resources than do import-substitute industries b. attract foreign investors c. use factors of production that are abundant domestically d. earn more foreign exchange than would be saved by substituting for imports e. all of the above
Suppose a monopsonist currently employs 100 workers at a wage of $400 per week. If the firm wants to expand employment to 110 workers, and the 110th worker will only work for $450 per week, what is the approximate marginal factor cost of the 110th worker?
a. $450 per week. b. $5,500 per week. c. $950 per week. d. $9,500 per week. e. $49,500 per week.
The long-run average cost curve is the ______ of all of the firm's _____.
A. lower envelope; isocost lines B. level curve; short-run average cost curves C. sum; marginal cost curves D. lower envelope; short-run average cost curves
Which of the following is true?
A. Japan has a high export ratio. B. Ireland has a low export ratio. C. The European nations tend to have lower export ratios. D. The United States has a very low export ratio.