The long-run supply curve is upward sloping in a(n)
a. decreasing-cost industry
b. increasing-cost industry
c. constant-cost industry
d. labor-intensive industry
e. capital-intensive industry
B
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Compare and contrast the effect of perfect competition to the effect of perfect price discrimination on: a) efficiency. b) consumer surplus. c) economic profit in the long run
What will be an ideal response?
Private investment expenditure, adds to the nation's existing stock of capital
a. True b. False
"Owners of firms in young industries should be willing to incur temporary losses if they believe that those firms will be profitable in the long run.". This observation helps to explain why many economists are skeptical about the
a. national-security argument. b. infant-industry argument. c. unfair-competition argument. d. jobs argument.
Over time, foreign investment is credited with the greatest contribution to economic growth in the United States.
Answer the following statement true (T) or false (F)