If a particular perfectly competitive industry uses only a small fraction of the supply of any of its inputs, the long run supply curve for that industry will tend to be:
a. vertical.
b. upward sloping.
c. horizontal.
d. downward sloping.
Question 2
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. What is the opportunity cost of producing coffee in Chile?
a. Half a pound of sugar
b. Two-fifth of a pound of sugar
c. 2 pounds of sugar
d. One-third of a pound of sugar
e. 4 pounds of sugar
Approximately 1 pound (0.45 kg) of ground elk meat formed into patties; note the relatively small fa
The fraction of ligand-binding sites occupied, θ
The small arrows indicate the air bypassing the throttle plate in the closed throttle position. ...
Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ...
Food policy can drive the food industry
Blood and Nerve Supply of Bone