The long-run supply curve for a perfectly competitive, constant-cost industry
A) is upward-sloping.
B) is horizontal.
C) is downward-sloping.
D) is found by adding up the marginal cost curves for all firms in the industry.
Answer: B
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The marketing of the first ballpoint pen by Milton Reynolds showed
A) that being the first firm to market a new product can result in a natural monopoly. B) that first-mover advantages can make it more difficult for new firms to enter a market and compete against the first mover. C) how important it is to receive patent protection for a new product. D) that being the first firm to market a product may not lead to a long-lived advantage over later entrants into the market.
Government capital consists of
A) money owned by the government. B) securities owned by the government. C) the buildings owned by the government in Washington, D.C. D) long-lived physical assets owned by the government.
A company has two locations where it employs workers doing the same job and working the same hours. Other things the same most workers would prefer to live in location A, but location A has a higher cost of living than location B
a. The company likely needs to pay workers in location A more. b. The company likely needs to pay workers in location B more. c. It's not clear if the company would need to pay more to workers in location A or location B. d. The company must pay workers the same amount.
Which of the following is not considered human capital?
a. the golf clubs a professional golfer uses to play golf b. the skills a professional golfer has gained by practicing on the driving range c. the professional golfer's knowledge of how to play a better game learned from talking with other players d. none of the above would be considered human capital