Refer to the diagram. Line (1) reflects the long-run supply curve for:
A. a constant-cost industry.
B. a decreasing-cost industry.
C. an increasing-cost industry.
D. a technologically progressive industry.
C. an increasing-cost industry.
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Greenaqua Corp . was given the exclusive right to produce and sell its newly introduced water purifier for 20 years. The right granted to Greenaqua is an example of a:
A) patent. B) blueprint. C) copyright. D) trademark.
Which of the following is a term that is sometimes used to describe markets with low entry barriers and firms that are price searchers?
a. pure competition b. monopoly c. monopolistic competition d. oligopoly
The age of mass production, which began in the United States during the early years of the 20th century, was the ______ phase of the Industrial Revolution.
A. first B. second C. third D. fourth
If a family's income increases by 5% at the same time that inflation is 3.5%, then the:
A. Family will need to spend more in order to maintain its standard of living B. Family will need to spend less in order to maintain its standard of living C. Family's standard of living is not affected by inflation D. Family will need to spend the same amount in order to maintain its standard of living