A market might have an upward-sloping long-run supply curve if
a. firms have different costs.
b. consumers exercise market power over producers.
c. all factors of production are essentially available in unlimited supply.
d. the entry of new firms into the market has no effect on the cost structure of firms in the market.
a
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In the first years of a professional athlete's career, the athlete is "under reserve," which means that he or she cannot negotiate with other teams. This creates a de facto
A) monopolist. B) monopsony. C) duopoly. D) bilateral monopoly.
Which of the following might explain a decrease in national saving when the tax rate on savings is reduced?
a. its income effect on saving and its effect on the government budget b. its income effect on saving but not its effect on the government budget c. its effect on the government budget but not its income effect on saving d. neither its income effect on saving nor its effect on the government budget