If the price level kept increasing, the short-run aggregate supply (SRAS) curve would get steeper because
A) all the unemployed would eventually be hired.
B) the long-run aggregate supply curve is horizontal.
C) there are limits to how long workers can work long hours and capital can go without proper maintenance.
D) the rate at which capacity can be expanded increases indefinitely.
C
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Modeled like the 50 states in the U.S., the European Union (EU) is a type of common market in which goods, services, people, and capital can freely flow to their highest-valued use across any member state
Indicate whether the statement is true or false
Which of the following does not hold true for a perfectly competitive firm in long-run equilibrium?
A) Its economic profit will be zero. B) It will minimize average total cost. C) It will charge a price equal to marginal cost. D) Marginal cost will be minimized.