The market demand curve for a public good
a. is the horizontal sum of all individual demand curves
b. is the vertical sum of all individual demand curves.
c. is upward sloping
d. is horizontal
e. does not exist
B
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Suppose a developing country receives more machinery and capital equipment as foreign entrepreneurs increase the amount of investment in the economy. As a result,
A) the economy will move down along the long-run aggregate supply curve. B) the economy will move up along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.
Aluminum cannot be produced without bauxite. Hence, the price elasticity of demand for bauxite by aluminum manufacturers will be
A) perfectly elastic. B) elastic. C) inelastic. D) unitary elastic.