If resource prices rise and the average total cost of producing a product increases as the firms in an industry expand output in response to an increase in demand, the long-run market supply curve for the product will
a. be perfectly elastic (a horizontal line).
b. be perfectly inelastic (a vertical line).
c. slope upward to the right.
d. be more inelastic than the short-run supply curve for the product.
C
Economics
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The natural rate of output is the amount of real GDP produced
A. when the economy is at the natural rate of aggregate demand. B. when the economy is at the natural rate of unemployment. C. when the economy is at the natural rate of investment. D. when there is no unemployment.
Economics
If Katherine claims that when it comes to buying shoes, "price is no object," her demand curve for shoes is likely to be
a. horizontal b. nonexistent c. upward sloping d. highly inelastic e. unit elastic
Economics