An increasing-cost industry will have
A) a perfectly elastic long-run supply curve.
B) a perfectly inelastic long-run supply curve.
C) an upward sloping supply curve in the long run.
D) an upward sloping demand curve in the long run.
C
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In long-run perfectly competitive equilibrium, which of the following is false?
A) There is efficient, low-cost production at the minimum efficient scale. B) Economies of scale are exhausted. C) Economic surplus is maximized. D) Firms earn economic profit.
Discuss the likely impact of each of the following on the unemployment rate:
a. The length of time workers are eligible to receive unemployment insurance payments is cut in half. b. The government passes a law making labor unions illegal. c. The minimum wage is raised by 50 percent. d. The government funds an Internet site where companies can post job openings at no charge.
In order to achieve a high economic freedom rating, a country must
What will be an ideal response?
Explain why many mayors of cities facing the need to borrow for infrastructure improvements, may not look favorably on a large federal income tax rate reduction?
What will be an ideal response?