The production of a good or service by an authority that receives the most of its revenue from the government is referred to as

The demand curve of a monopolistically competitive firm

A) is downward-sloping because it must cut its price to sell more. B) is horizontal because the firm must cut its price to sell more. C) is perfectly elastic. D) is downward-sloping because it sells an identical product.

The price elasticity of demand for labor will be smaller, the

A) smaller is the price elasticity of demand for the final product. B) easier it is to employ substitute inputs in production. C) larger is the proportion of wage costs in the total cost of production. D) longer is the time period under examination.