All of the following are long-run changes, except:
A. An industry expands as more firms enter it
B. A firm moves into larger production facilities to expand production
C. Some firms decide to leave an industry and the industry contracts
D. A firm produces more output by acquiring more raw materials for its existing factory
D. A firm produces more output by acquiring more raw materials for its existing factory
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A baseball player who has signed a long-term contract with his club and then constantly says he is injured and cannot play is an example of ________
A) the principal-agent problem B) marginal returns to work C) the law of diminishing returns D) inefficient hiring practices
Craft unions exert market control by
A) limiting the demand for labor. B) limiting the supply of labor. C) setting minimum wages. D) setting maximum wages.
Policy should create an environment in which the economy can expand its productive capacity rapidly, because that is the ultimate source of higher living standards. This task is the realm of
A. growth policy. B. stabilization policy. C. labor policy. D. inflation policy.
The Lorenz curve would be a diagonal line if income were distributed equally.
Answer the following statement true (T) or false (F)