The short-run industry supply curve for a perfectly competitive industry is the
A. horizontal sum of the individual firms' marginal cost curves above ATC.
B. vertical sum of the individual firms' marginal cost curves above ATC.
C. horizontal sum of the individual firms' marginal cost curves above AVC.
D. vertical sum of the individual firms' marginal cost curves above AVC.
Answer: C
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Explain the difference between general grants and categorical grants. Under what circumstance will they have the same impact? In that case, will one have an advantage over the other?
What will be an ideal response?
The supply of labor
a. varies inversely with the price level b. does not vary with the real wage rate c. does not vary with the price level d. varies directly with the price level e. varies inversely with the nominal wage rate
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a) 25% b) 65% c) 45% d) 85%
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