During the short-run period of the production process, a firm will be
a. unable to vary any of its factors of production.
b. able to vary only some of its factors of production.
c. able to vary all of its factors of production.
d. able to vary the size of its plant.
B
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The idea of policy making taking place in response to a predetermined set of rules is referred to as
A) active policy making. B) discretionary policy making. C) passive policy making. D) Keynesianism.
If the price elasticity of demand is -0.8 and the firm increases price, revenue will
a. Increase b. Decrease c. Stay constant d. become zero, they would lose all their customers
New residential housing is counted in GDP as a(n):
a. durable consumption good. b. household durable good. c. investment good. d. inventory expansion. e. long-term durable good.
In a monopolistically competitive market
A) firms are price setters. B) barriers to entry are high. C) firms earn positive economic profit in the long run. D) products are undifferentiated.