The long-run supply curve would be upward-sloping if:
A. Resource prices fall as industry production contracts
B. Resource prices rise as industry production contracts
C. Resource prices are not affected by changes in industry output-level
D. Resource prices are set by the government
A. Resource prices fall as industry production contracts
You might also like to view...
When tariffs on exports are eliminated, there is at least in principle a way for everyone to benefit.
Answer the following statement true (T) or false (F)
Define comparative advantage and discuss its role in international trade
What will be an ideal response?
The income effect due to a price decrease will result in an increase in the quantity demanded for
A) an inferior good. B) a public good. C) a Giffen good. D) a normal good.
Table 30.1Number of workers (per hour)Total output (per hour)Marginal physical product (output per worker)Total revenue (dollars per hour)Marginal revenue product (dollars per hour worker)14---________---210________________________315________________________419________________________522________________________Assume that the product price is $4 per unit and that the hourly wage for workers is $12. Neither price nor wage changes with output. In Table 30.1, the marginal physical product of the third worker hired is
A. 15 units per hour. B. 3 units per hour. C. 4 units per hour. D. 5 units per hour.