Refer to Table 11-8. What is the minimum efficient scale of production?
A) 100 units B) 200 units C) 300 units D) 400 units
C
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The long-run aggregate supply curve...
What will be an ideal response?
If increasingly more units of good Y must be given up as each successive unit of good X is produced, then the PPF for these two goods is
What will be an ideal response?
Assuming migration is unimpeded and costless, which of the following statements is most accurate about the effect of immigration on wages in both the origin and destination nations?
A. Wages will rise in the origin nation and fall in the destination nation, and overall wage income must rise. B. Wages will rise in both nations, and overall wage income must rise. C. Wages will rise in the origin nation and fall in the destination nation, and the wage changes must cancel each other, resulting in no net change in overall wage income. D. Wages will rise in the origin nation and fall in the destination nation, but the effect on overall wage income depends on the elasticities of labor demand.
A characteristic of the long run is
A) there are fixed inputs. B) all inputs can be varied. C) plant capacity cannot be increased or decreased. D) there are both fixed and variable inputs.