A perfectly elastic supply curve is expressed graphically as a(n):
a. downward sloping line or curve. b. upward sloping line or curve.
c. vertical line. d. horizontal line.
d
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In the above table, which technique is technologically inefficient?
A) Technique W B) Technique X C) Technique Y D) Technique Z
When the average product of labor is greater than the marginal product of labor
A) the marginal product of labor must be increasing as labor increases. B) there must be increasing marginal returns. C) the average product of labor is decreasing as labor increases. D) None of the above answers is correct
Refer to Figure 5-9. The efficient output is
A) Q1. B) Q2. C) Q3. D) Q4.
Everything else held constant, if a central bank makes a sterilized sale of foreign assets, then the domestic currency will
A) appreciate. B) depreciate. C) either appreciate, depreciate, or remain constant. D) not be affected.