In the fishing industry, the long run is described as the time in which
a. the seasons have changed and it is now too cold to fish
b. the fish is no longer fresh
c. the scale of operation can be chosen
d. the boat loses all of its value
e. only the boat size can vary
C
You might also like to view...
If potential output exceeds actual output, ________ shifts downward over time
A) the short-run AD curve B) the long-run AD curve C) the long-run AS curve D) the short-run AS curve
The isoquant mapping for perfect complements in production is
A. a straight line. B. concave. C. L-shaped. D. a ray passing through the origin.
Very few people in Kyle’s country have more than a sixth-grade education. In contrast, 80 percent of the people in Carmen’s country have at least a high school diploma. Based on this information, which statement about these two countries is most likely true?
a. Carmen’s country has limited physical capital. b. Carmen’s country has a higher rate of economic growth than Kyle’s country. c. Kyle’s country has a higher birthrate than Carmen’s country. d. Carmen’s country has higher per capita output than Kyle’s country.
Suppose initially there is no customs union and that the $100 tariff is imposed by the United States. Now, Mexico invests in productive technology and it shifts the Mexican supply curve to SMex. The United States now forms a customs union with Mexico. This will result in a price of _______ and imports of _______.
a. $250; 500 b. $250; 400 c. $150; 600 d. $150; 500