If the long-run supply curve is upward sloping, we know that
A) entrepreneurs are earning higher profits as output expands.
B) some input prices are increasing as the industry expands.
C) firms are getting larger as the industry contracts.
D) the law of diminishing marginal returns has set in.
B
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Refer to Figure 2-15. In the circular flow diagram, economic agents M represent
A) firms. B) product markets. C) factor markets. D) households.
Refer to the figure above. If A forms a customs union with B, the value of trade diversion will be
A) $0. B) $10,000. C) $20,000. D) $40,000.
Which of the following statements is false?
A) Capital consists of produced goods that can be used as inputs for further production. B) The terms resources, inputs, and factors of production are synonyms. C) Labor consists of the physical, but not mental, talents of people who contribute to the production process. D) Entrepreneurship is one of the four categories of resources. E) The resource category land includes natural resources, such as minerals, forests, water, and unimproved land.
SW's ________________ to fly an average 1,000-mile trip were higher than those of US Airways, Frontier, JetBlue, Alaska, Allegiant and Spirit airlines in 2013
Fill in the blank(s) with the appropriate word(s).