The long-run average cost curve
a. is a composite of short-run AC curves.
b. shows the lowest possible short-run AC corresponding to each output level.
c. depends on the firm's planning horizon.
d. All of the above are correct.
d
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An endogenous variable is typically ________
A) taken as given B) strictly explained outside the model C) strictly explained inside the model D) strictly explained by data E) strictly explained by graphical analysis
Common property is
A) a resource that everyone is free to use as much as they want. B) property that belongs to both spouses in a marriage. C) property owned by a group such as a club or a church. D) generic property as opposed to specific property.
If the price of vanilla ice cream decreases, it is likely that
a. demand for vanilla ice cream will increase b. demand for vanilla ice cream will decrease c. demand for chocolate ice cream will increase d. demand for chocolate ice cream will decrease e. the quantity demanded of vanilla ice cream will decrease
Mexico and India have a fairly large number of engineers and technical personnel, which means that new technology can be adapted relatively quickly
a. True b. False Indicate whether the statement is true or false