An industry with a ________ long-run supply curve is called a constant-cost industry.
A. horizontal
B. vertical
C. positive sloping
D. negative sloping
Answer: A
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Refer to Figure 9.3. If the government establishes a price ceiling of $1.00, the resulting deadweight loss will be
A) $1.50. B) $200. C) $150. D) $300. E) $600.
In a direct, majority-rule vote,
a. all voters get what they want b. a majority of voters get exactly what they want c. only the median voter is completely satisfied d. a minority of voters are dissatisfied e. only the median voter is dissatisfied
Factors that strongly influence a nation’s level of trade are:
a. its geographic size, geographic location, and history of trade. b. the size of its economy, the number of people, and its history of trade. c. the size of its economy, its geographic location, and its history of trade. d. the value of products, its geographic location, and its history of war.
Which statement is false?
A. Once a monopoly is set up, it is possible to dislodge it. B. Some monopolists have control over an essential resource. C. Several competing firms can provide cheaper service than a natural monopoly. D. As a firm grows larger, at first it realizes economies of scale, but eventually diseconomies of scale set in.