If the long-run supply curve slopes upward, 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: C
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Of the following, the largest single component of U.S. federal government expenditures is spent on
A) transfers to state and local governments. B) Medicare and Medicaid. C) interest paid on the national debt. D) purchases of goods and services for purposes other than national defense. E) national defense.
When the income elasticity of demand for a good is negative, the good is called a luxury good
a. True b. False Indicate whether the statement is true or false
types of specialized investments
What will be an ideal response?
The principle of opportunity cost:
A. is more relevant for firms than for individuals. B. only refers to monetary payments. C. is only relevant in economics. D. is applicable to all decision-making.