Which of the following statements is true about the demand for and/or the supply of natural resources?
a. The supply curve for natural resources is more elastic in the long run than in the short run.
b. The elasticity of demand for electricity, natural gas, and gasoline equals approximately 0.1 in both the short run and the long run.
c. Natural resources are demanded by consumers and producers in steadily growing amounts, so future shortages are inevitable.
d. The supply of many natural resources is finite; thus the long-run elasticity of supply must be zero.
A
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Since 1997, the labor force participation rate for women in the United States has
A) decreased more than 20 percent. B) increased more than 10 percent. C) remained virtually constant. D) equaled the participation rate for men.
If P > ATC for a perfectly competitive firm, then
a. the firm could increase profit by lowering its price b. the firm could increase profit by raising its price c. the firm is producing too much output d. the firm is making a profit e. profits are zero in the short run