In the short run, firms increase output
A) only by increasing the size of their plant.
B) only by decreasing the size of their plant.
C) only by increasing the amount of labor used.
D) only by decreasing the amount of labor used.
E) either increasing the amount of labor used or increasing the size of their plant.
C
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One implication of goods being standardized in a market is:
A. the government regulations must promote competition and lower prices to be efficient. B. there are no information asymmetries. C. the similarity in products may be real or perceived. D. the market has a low degree of competition.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
Specialization and exchange result from differences in productivity that lead to:
A. opportunity cost. B. comparative advantage. C. absolute advantage. D. self-sufficiency.
Which one of the following statements best describes a price ceiling?
a. A price ceiling causes demand to change. b. A price ceiling causes supply to change. c. A price ceiling keeps a price from rising above a certain level. d. A price ceiling keeps a price from falling below a certain level.