If wheat can be produced at a constant opportunity cost, then the supply of wheat is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly inelastic.
E) perfectly elastic.
E
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Given the exit rule, where does a firm's long-run supply curve derive from? It is the section of the:
A. ATC curve to the right of its minimum. B. MC curve that lies above the ATC curve. C. MC curve that lies above the AVC curve. D. AVC curve to the right of its minimum.
Constant returns to scale cause the long-run average cost curve to be:
a. horizontal. b. vertical. c. upward-sloping. d. downward-sloping.
Which political philosophy focuses on the process of determining the distribution of income rather than on the outcome?
a. utilitarianism b. liberalism c. libertarianism d. welfarism
Which of the following will cause a change in quantity supplied?
A. a change in the number of firms in the market B. a change in the market price of the good C. a change in input prices D. a technological change