Over the long run, the supply curve becomes
a. unit elastic.
b. more elastic.
c. inelastic.
d. negative.
b. more elastic.
You might also like to view...
The fact that money can be exchanged for goods reflects money's role as a
A) cause of inflation. B) medium of exchange. C) unit of account. D) store of value.
According to Friedrich Hayek and his followers, the booms and busts of the business cycle are primarily the result of
a. fluctuations in aggregate demand. b. the "animal spirits" of private investors. c. excessive credit expansion and artificially low interest rates that trigger malinvestment. d. the unwillingness of political decision-makers to follow the advice of macroeconomists who know how to alter fiscal policy in a manner that would virtually eliminate the ups and downs of the business cycle.
Social Security checks began to be issued in:
A. 1955. B. 1929. C. 1940. D. 1930.
Which of the following statements is true?
A) If a tax is imposed on a product sold by a monopolist, the monopolist will maximize its profits by producing where marginal revenue equals marginal cost. B) A monopolist will always charge the highest possible price. C) If a tax is imposed on a product sold by a monopolist, the monopolist can increase its price to pass along the entire tax to consumers. D) Because a monopolist faces no competition, the demand for its product is perfectly inelastic.