If Slick Shades, a sunglasses manufacturer, merges with Best Lens, a lens manufacturer, and the combined firm is able to reduce the number of accounting departments from two to one, the merger created ________.

The aggregate supply curve that defines the level of full employment or potential output based on a given amount of resources, efficiency, and technology in the economy is called:

A) short-aggregate supply curve. B) long-run aggregate supply curve. C) intermediate aggregate supply curve. D) none of the above.

The demand curve faced by a perfectly competitive industry

A) slopes upward. B) slopes downward. C) has no slope. D) is horizontal.