The long-run supply curve for a perfectly competitive, constant-cost industry
A) is found by adding up the marginal cost curves for all firms in the industry.
B) is horizontal.
C) is upward-sloping.
D) is downward-sloping.
B
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Pollution problems are usually cases of good versus evil
Indicate whether the statement is true or false
Net present value and internal rate of return capital budgeting decisions can differ because
A) the initial costs of the capital outlays differ. B) the cash flow streams differ. C) the discount rates differ for different time periods. D) All of the above
Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. His friend calls him and asks him to go mountain biking for the next 2 hours instead. Eli cannot decide between the two activities. His indecision implies he values riding his mountain bike for two hours:
A. more than $16. B. less than $16. C. at exactly $16. D. at no more than $8.
Those hurt by inflation include
a. labor unions with COLA clauses in their labor contracts b. borrowers who are indebted to banks and other lending institutions c. savers who hold checking and saving accounts in banks d. producers of goods such as automobiles, computers, and food e. owners of precious metals, antiques, and works of art