The expansion of capital that can occur in the long-run but not, by definition, in the short-run, means that the long-run supply is
a. perfectly horizontal while the short-run supply curve is upward sloping.
b. sloping downwards while the short-run supply curve is upward sloping.
c. less elastic than the short-run supply curve.
d. more elastic than the short-run supply curve.
d. more elastic than the short-run supply curve.
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A cartel's marginal cost curve is the
a. highest of all the individual firms' marginal cost curves b. lowest of all the individual firms' marginal cost curves c. horizontal sum of all the individual firms' marginal cost curves d. average of all the individual firms' marginal cost curves e. product of all the individual firms' marginal cost curves
Voluntary programs for reducing pollution
a. have been more successful in the United States in encouraging recycling than any other type of program. b. are most appropriate when surveillance and enforcement are impractical. c. work most reliably when voluntary reduction of pollution over a long period is encouraged. d. are enforced by legal authority.