A constant-cost industry has an infinitely elastic long-run supply curve.
Answer the following statement true (T) or false (F)
True
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If the ____ is/are fixed, a change in nominal income is equivalent to a change in real income
a. price level b. interest rates c. tastes and preferences d. future expectations
An externality is:
A.) A cost or benefit of a market activity that impacts a third party. B.) The private costs that are borne by an individual. C.) The cost of clean up paid for by the polluter. D.) A situation in which the government solution makes the outcome worse.
M1 differs from M2 in that:
A. M2 includes savings deposits, small-denomination time deposits, and money market mutual funds that are not included in M1. B. the assets in M2 are more liquid than the assets in M1. C. M1 includes currency and balances held in checking accounts, which are not included in M2. D. M1 is a broader measure of the money supply than M2.
When there's a shortage in the number of jobs available when teenagers look for summer jobs, the type of unemployment that arises is called
A. Frictional unemployment. B. Seasonal unemployment. C. Structural unemployment. D. Cyclical unemployment.