In a constant-cost industry, the long-run market supply curve is
a. horizontal
b. vertical
c. upward sloping
d. downward sloping
e. the same slope as the typical firm's supply curve
A
You might also like to view...
If the quantity demanded of product S increases as the price of product T decreases, then S and T are complements
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. If member banks need to borrow reserves, they must do so through the discount window. 2. The discount rate at all Federal Reserve Banks is always identical. 3. The Federal Reserve System is completely independent of the government. 4. Raising the reserve requirement or the discount rate always decreases the money supply. 5. The Fed’s ability to influence the money supply through its open-market operations is independent of a commercial bank’s desire to make loans.
Type of trade restriction that limits the amount of a particular good that may be imported into a country during a given period of time.
a. An Important quota b. Foreign-exchange control c. a tariff d. an embargo
Edith is buying products X and Y with her money income. Suppose her budget line shifts rightward (outward). This might be the result of:
A. the prices of X and Y increasing while her money income remains constant. B. her money income decreasing while the prices of X and Y remain constant. C. her money income increasing more than proportionately to increases in the prices of X and Y. D. none of these.