A "stair-like" market supply curve is the result of
A) higher cost firms charging a higher price for their products.
B) firms having different costs.
C) firms shutting down in the long run.
D) average variable costs that are higher than average fixed costs.
B
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If a 10 percent increase in the price of gasoline results in a 2 percent decrease in the quantity demanded of gasoline, then the elasticity of demand for gasoline is:
a. equal to 0.2 and demand is inelastic. b. equal to 0.2 and demand is elastic. c. equal to 0.02 and demand is elastic. d. equal to 0.5 and demand is inelastic. e. equal to 0.5 and the demand is elastic.
The privately held government debt is that portion of the national debt that
a. must be paid off at some point in the future. b. is owed to domestic and foreign investors. c. cannot be refinanced by issuing new debt. d. is owned by agencies of the federal government.