In a constant cost industry, the only long-run effect of an increase in demand is ______.
a. an increase in industry output
b. an increase of input prices
c. a decrease in the number of suppliers
d. an increase in the long-run equilibrium price
a. an increase in industry output
You might also like to view...
Given the following data for the economy, compute the value of GDP.Government purchases of goods and services10Consumption Expenditures70Exports5Imports12Change in inventories-7Construction of new homes and apartments15Sales of existing homes and apartments22Government payments to retirees17Business fixed investment9
A. 56 B. 141 C. 83 D. 90
An open-economy model is one that
a. allows for trade among nations. b. permits free flow of individuals among nations. c. encourages imports but not exports. d. advocates more exports than imports. e. Both a and b
The first United States income tax was instituted in 1913
a. True b. False Indicate whether the statement is true or false
When a government spends more than it earns in revenue, we say that it has a:
A. budget surplus. B. budget deficit. C. budget crisis. D. federal debt.