Which of the following is the best example of a short-run adjustment?
A) Toyota builds a new assembly plant in Texas.
B) Smith University completed negotiations to acquire a large piece of land to build its new library.
C) Your local Wal-Mart hires two more associates.
D) A local bakery purchases another commercial oven as part of its capacity expansion.
C
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Refer to the information provided in Figure 4.5 below to answer the question(s) that follow.
Figure 4.5Refer to Figure 4.5. The United States will import 3 million CD-Rom drives if ________ tariff per CD-Rom drive is levied on imported CD-Rom drives.
A. no B. a $10 C. a $15 D. a $25
Which of the following is not one of the functions of the Federal Reserve?
A. clearing checks B. printing currency C. supervising and regulating banks D. controlling the money supply
The possible combinations of goods that can be purchased with a specific income are called the
A) budget constraint. B) indifference map. C) marginal rate of substitution. D) income-consumption curve.
Assume that a monopoly is producing at a profit-maximizing output level. If the firm's total fixed costs decrease, the firm
A) should lower its price. B) should increase its price. C) should continue to produce at the same level. D) increase its output level.