In theory, the long-run supply curve for perfectly competitive market firms who are identical is:
A. downward sloping.
B. perfectly elastic.
C. upward sloping.
D. perfectly inelastic.
Answer: B
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The federal deficit ________ in 2006 and 2007, and ________ in 2008
A) increased, increased further B) increased; decreased C) decreased; increased D) decreased; decreased further
Suppose the Fed had tried to keep the exchange rate at its 2001 level. In that case the Fed would have ________ dollars and its foreign reserves would have ________
A) bought; decreased B) sold; increased C) sold; decreased D) bought; increased E) None of the above is correct because the Fed cannot affect the exchange rate.
On a balance sheet
A) total assets plus equity must equal total liabilities. B) total assets plus total liabilities must equal zero. C) total assets plus total liabilities plus equity must equal zero. D) total assets must equal total liabilities plus equity.
A consumer price index of 160 in 1996 with a base year of 1982-1984 would mean that the cost of the market basket
A) equaled $160 in 1983. B) rose 160% from the cost of the market basket in the base year. C) rose 60% from the cost of the market basket in the base year. D) equaled $160 in 1996.