If the long-run supply curve is horizontal, we know that this is
A) a decreasing-cost industry.
B) a constant-cost industry.
C) an increasing-cost industry.
D) a situation in which some input prices change as firms enter and exit the industry.
B
You might also like to view...
An explicit cost is: a. an opportunity cost for which payment is not required. b. an out-of-pocket expense
c. always larger than an associated implicit cost. d. both (a) and (b)
The aggregate production function shows
a. the total output the economy can produce with different quantities of labor and technology, holding land and capital constant b. the total output the economy can produce with different quantities of land and labor, holding capital and technology constant c. the total output the economy can produce with different quantities of labor, holding land, capital and technology constant d. the total output the economy can produce with different quantities of labor and capital, holding land and technology constant e. the total output the economy can produce with different quantities of technology, holding land, labor and capital constant
The MPC in the U.S. economy has been estimated to be near 0.95 . If this is an accurate measure, then the numerical value for the multiplier would be
a. 0.9. b. 1.8. c. 9.5. d. 10.0. e. 20.0.
The Federal Open Market Committee meets approximately
a. every three weeks b. every six weeks c. every 3 months d. every 6 months.