The short-run supply curve is _______________ and the long-run supply curve is _______________ in a perfectly competitive market in which all firms have identical cost structures.
A. upward sloping; upward sloping
B. upward sloping; perfectly elastic
C. perfectly elastic; upward sloping
D. downward sloping; upward sloping
B. upward sloping; perfectly elastic
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Which of the following is determined using the rule-of-reason analysis?
A) output restrictions B) resale price maintenance C) bid rigging D) market division
Economists found evidence of discrimination in each of the following markets except
a. 1960s baseball games b. baseball cards c. live basketball games in the 1980s d. current era baseball games
Which of the following situations would cause the statistical discrepancy to be $20 billion?
a. a current account balance of $380 billion and a financial account balance of $360 billion b. a current account balance of negative $400 billion and a financial account balance of $380 billion c. a current account balance of $100 billion and a financial account balance of negative $80 billion d. a current account balance of negative $50 billion and a financial account balance of $70 billion
When the economy is in short-run equilibrium, there will be ________ output gap.
A. only a recessionary B. only an expansionary C. either a recessionary or an expansionary D. no