A perfectly elastic supply curve is
A) an upward sloping straight line that intersects the origin.
B) horizontal.
C) vertical.
D) downward sloping.
B
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Recycling efforts such as those exemplified by BMW's Design for Disassembly (DFD) program
a. permanently diminish the flow of residuals back to nature b. are not represented in the materials balance model c. represent short-term conversion of residuals into recycled materials or goods d. reduce the amount of wastes returned to nature in the long-run
Consider a Wal-Mart supercenter and a 7-Eleven store. In the long run,
A) Wal-Mart or 7-Eleven may have economies of scale depending on how many customers are served. B) Wal-Mart will definitely have lower average costs because supercenters serve many more customers. C) The 7-Eleven store will definitely have lower average costs because their small stores are cheaper to build. D) Wal-Mart's average total cost will decline faster than the 7-Eleven store and experience diseconomies of scale. E) The 7-Eleven store's average total cost will be lower than Wal-Mart's and always experience economies of scale.
In the factor payments approach, owners of land receive
a. wages b. user fees c. rent d. interest e. profit
Historical note: When DuPont was charged with monopoly control of the cellophane market, it responded by arguing that the relevant market was flexible wrapping materials and that they had no monopoly control of that market. That argument
a. won the day so that it was found not guilty of monopolizing its market b. was rejected by the Supreme Court and DuPont paid triple damages to its cellophane competitors c. was rejected by the court system and DuPont was ordered to sell off 50 percent of its cellophane production facilities d. never made it to the appeals court because DuPont settled out of court which is why they are not in the cellophane market today e. was rejected because, upon inspection, it controlled 90 percent of flexible wrapping materials as well