When entry and exit behavior of firms in an industry does not affect a firm's cost structure,
a. the long-run market supply curve must be horizontal.
b. the long-run market supply curve must be upward-sloping.
c. the long-run market supply curve must be downward-sloping.
d. we do not have sufficient information to determine the shape of the long-run market supply curve.
a
Economics
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The long-run effect of an increase in the money supply is to
A. increase the price level. B. decrease the interest rate. C. decrease the price level. D. increase the interest rate.
Economics
Refer to the above figure. Suppose the government imposes a minimum wage rate of $20.00 per hour. This will likely result in
A) a surplus of labor. B) a shortage of labor. C) an equilibrium in the labor market. D) an increase in the demand for labor.
Economics