The aggregate supply curve is
a. the sum of all individual firms' supply curves.
b. vertical in the short run.
c. downward sloping in the short run.
d. upward sloping in the short run.
e. upward sloping both in the short run and the long run.
D
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Economists use game theory to analyze oligopolies because
A) it is more enjoyable for economists and students to learn by playing games. B) game theory is useful in understanding the actions of firms that are price takers. C) game theory helps us to understand why interactions among firms are crucial in determining profitable business strategies. D) real markets are too complicated to analyze without using games.
The M1 money supply consists primarily of: a. savings deposits
b. certificates of deposit. c. miscellaneous near-monies. d. checkable deposits. e. money market mutual fund accounts.
If the absolute price of a computer is $500 and the relative price of a dining room table is 3 computers, it follows that the absolute price of a dining room table is
A) $167. B) $750. C) $3,000. D) $30,000. E) none of the above
If a monopolistically competitive industry is earning short-run profits, new competitors will enter the industry in the long run and compete away those profits.
Answer the following statement true (T) or false (F)