What must be true for an industry to be in long-run equilibrium?
What will be an ideal response?
If an industry is in equilibrium, existing firms have no incentive to change their scale of production and firms have no incentive to enter or leave the industry.
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Refer to Table 19-11. Nominal GDP for Tyrovia in 2016 equals
A) $1,140. B) $880. C) $690. D) $560.
Refer to the table. For these data, the law of increasing opportunity costs is reflected in the fact that:
Answer the question on the basis of the data given in the following production possibilities
table:
A. the amount of consumer goods that must be sacrificed to get more capital goods
diminishes beyond a point.
B. larger and larger amounts of capital goods must be sacrificed to get additional units of consumer goods.
C. the production possibilities data would graph as a straight downsloping line.
D. the economy's resources are presumed to be scarce.