There are currently N identical firms in a market. If it is a perfectly competitive market, the short-run market supply curve at any given price is
A) N times the supply of an individual firm.
B) N - 1 times the supply of an individual firm.
C) N plus the supply of an individual firm.
D) It cannot be determined from the information provided.
A
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What was the response to Germany's expansionary fiscal policy from the German central bank, the Bundesbank?
A) It expanded the money supply to ease rates of interest. B) It made no policy changes. C) It contracted the money supply and raised interest rates. D) It began the process of reverting to a gold standard.
Because the United States does not have a comparative advantage in producing clothing, a fall in world prices increases imports and ________ U.S. production. U.S. consumers ________ and U.S. producers ________
A) decreases; gain; gain B) increases; gain; lose C) increases; gain; gain D) decreases; gain; lose E) decreases; lose; lose