The long-run aggregate supply curve is:
a. upward-sloping
b. downward-sloping.
c. horizontal.
d. vertical.
e. none of the above.
d
You might also like to view...
Briefly describe the concept of the "invisible hand."
What will be an ideal response?
In case of a linear negatively sloped demand curve, the price elasticity of demand:
A) is zero between any two points on the curve. B) is the same between any two points on the curve. C) is different at different points on the curve. D) is equal to the slope between different points on the demand curve.
How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.60 dollars per British pound?
A) 38.125 British pounds B) 28.125 British pounds C) 48.125 British pounds D) 58.125 British pounds E) 18.125 British pounds
Price discrimination refers to a system of pricing
a. based on buyer income rather than buyer demand conditions, so the poor pay more than the rich. b. that is always more profitable than simple "single-price" pricing. c. that forces customers who require more service to pay higher prices. d. where consumer groups with a more elastic demand for the product are charged lower prices.