The supply curve for a perfectly competitive industry is obtained by
a. making an empirical study of historical data.
b. vertically summing the supply curves of firms in the industry.
c. horizontally summing the average cost curves of firms in the industry.
d. horizontally summing the supply curves of firms in the industry.
d
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According to the classical economists, an economy producing $15 trillion in goods and services
A) may be producing too much since the needs of people may not be this great. B) could experience a permanent glut if no one has estimated the demand for goods and services in the economy. C) simultaneously generates the income necessary to purchase $15 trillion in goods and services. D) is supplying $15 trillion in goods and services, but could be demanding more or less than $15 trillion in goods and services for a very long period of time.
Swaps differ from futures and options in all of the following ways EXCEPT:
A) intended to reduce the risk faced by participants. B) more flexibility. C) more privacy. D) less regulation.