The short-run industry supply curve is found by
A) taking the inverse of the industry demand curve.
B) horizontally summing the average total cost curve of all firms in the industry.
C) adding up the quantities supplied at each price by each firm in the industry.
D) adding up the quantities supplied at each price by each of the firms in the industry that are making a profit.
C
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What does the marginal rate of substitution measure?
A) It measures the rate at which a consumer is willing to trade off one product for another while keeping utility constant. B) It measures the rate at which a consumer will substitute one good for another when the price of one good changes. C) It measures the rate at which a consumer must give up one good to purchase another good. D) It measures the change in utility from consuming one additional unit of a good.
The source of power for a labor union is its ability to
a. increase the supply of labor b. decrease the demand for capital c. increase the quantity supplied of labor d. decrease the quantity supplied of labor e. decrease the supply of labor