If the long-run supply curve slopes downward, we know that this is
A. a decreasing-cost industry.
B. a constant-cost industry.
C. an increasing-cost industry.
D. a situation in which no input prices change as firms enter and exit the industry.
Answer: A
You might also like to view...
The opportunity cost of the debt is the change in the mix of output that occurs when public sector spending crowds out private sector spending.
Answer the following statement true (T) or false (F)
In a closed economy, income equals:
A. consumption minus savings. B. consumption plus net exports. C. consumption plus savings. D. savings plus investment.
Refer to the above figure. Which panels represent long run equilibrium for the perfectly competitive firm and monopolistic competitive firm, respectively?
A. Panel C and Panel A B. Panel C and Panel D C. Panel C and Panel B D. Panel B and Panel C
On average, in the recessions since 1950, it has taken ________ for real GDP to return to its cyclical peak
A) about 6 months B) about 1 year C) about 18 months D) almost 2.5 years