The long-run supply curve for a perfectly competitive, constant-cost industry
A) is upward-sloping.
B) is horizontal.
C) is downward-sloping.
D) is found by adding up the marginal cost curves for all firms in the industry.
Answer: B
Economics
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Which of the following would be classified as an innovation?
a. Edwin H. Land perfects the single-step photographic process in 1947. b. Polaroid markets the single-step film in 1948. c. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879. d. In 1803, Robert Fulton constructs his first small steamboat in Paris.
Economics
Per capita GDP will always rise when:
A.) The population rises. B.) The rate of economic growth increases. C.) There is an increase in the rate at which the economy's labor force grows. D.) The rate of economic growth exceeds the rate of population growth.
Economics