In an increasing cost industry, the long-run supply curve is
a. positively sloped.
b. negatively sloped.
c. horizontal.
d. vertical.
A
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Starting at the top of a straight-line downward sloping demand curve, as the price falls, total expenditures will
A) initially increase and then decrease. B) initially decrease and then increase. C) increase along the entire demand curve. D) decrease along the entire demand curve.
Why would a wage differential due to discrimination in hiring be unlikely to persist in a competitive labor market?
a. There is a cost advantage for firms that do not discriminate. b. Workers who are victims of discrimination will eventually drop out of the labor market. c. Competing firms will hire fewer of the workers who are temporarily victimized by discrimination. d. Discrimination cannot exist in markets.