Recall the Application about the supply of shipping services to answer the following question(s).Recall the Application. The short-run supply curve for shipping services is:
A. positively sloped.
B. negatively sloped.
C. perfectly vertical.
D. perfectly horizontal.
Answer: A
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On the "demand side" of a market, consumers indicate what they are willing to buy, in what quantity and at what price
Indicate whether the statement is true or false
All of the following will cause the supply curve of good A to shift rightward EXCEPT
A) a reduction in the prices of inputs used to produce good A. B) an increase in the number of firms in the industry producing good A. C) a decrease in the per-unit tax on good A which producers must pay. D) an increase in the market price of good A.
Which of the following categories of taxes provides funds for Social Security and Medicare?
a. Personal income tax b. Corporate income tax c. Excise tax d. Payroll tax
In the long run a company that produces and sells popcorn incurs total costs of $1,050 when output is 90 canisters and $1,200 when output is 120 canisters. The popcorn company exhibits
a. diseconomies of scale because total cost is rising as output rises. b. diseconomies of scale because average total cost is rising as output rises. c. economies of scale because total cost is rising as output rises. d. economies of scale because average total cost is falling as output rises.