The short run is the time period during which a firm has at least one input constraint
Indicate whether the statement is true or false
TRUE
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The best weather in a decade has given Australia a bumper wheat crop. Australia is a small open economy. Based on this information alone, you would expect that
A) desired investment would decrease. B) desired investment would increase. C) the current account would increase. D) the current account would decrease.
Long-run average cost of the perfectly competitive firm includes the
A. cost of raw materials per unit of output. B. opportunity cost of labor per unit of output. C. opportunity cost of capital per unit of output. D. All of the responses are correct.
Which is an example of money as a unit of account?
a. purchasing a toy for $8.99 b. lending a friend $25.00 c. opening a savings account at a bank d. checking the price of a camera at several stores before buying it at the lowest price
For me to stop getting speeding tickets for a year, I gave five friends devices that measure my driving speed. If I drove over the speed limit by more than 5 miles per hour, I would have to pay them each $1,000. This would be an example of:
A. sunk costs. B. a precommitment strategy. C. opportunity costs. D. a deductive decision.