An industry with a horizontal long-run supply curve is called a(n) ________ industry.
A. decreasing-cost
B. decreasing-profit
C. increasing-cost
D. constant-cost
Answer: D
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A government protection for an inventor that provides the inventor with the right to make use of her invention in any way she desires is
A) a trademark. B) an innovation. C) a patent. D) a copyright.
Wealth inequality persists across generations due, in part, to assortative mating
Indicate whether the statement is true or false
What is one problem with trying to regulate a monopoly's price?
A) The government needs information on the monopoly's marginal cost. B) The government needs information on the price people are willing to pay. C) The government needs to identify which firm is a monopolist. D) Anything that the government does is problematic.
Which of the following best explains the multiplier effect as a result of a $100 million increase in govt spending on highways?
A. More money must be printed to fund govt spending. Money supply increases, interest rates decrease, consumption increases, investment spending increases. B. Change in spending will cause an increase in real GDP. Govt tax revenue increases so govt spending increases. C. Govt spending creates a demand for domestically produced goods. Income increases, consumption increases, demand increases D. Change in govt spending causes an increase in supply of jobs and stimulates production of domestically produced goods/services.