When economists say that the supply for a product has decreased, they mean that the

A firm will shut down in the short run if its revenues fail to cover its

a. fixed costs. b. variable costs. c. total costs. d. sunk costs.

Mass production integrates

a. continuous flow and interchangeable parts. b. economies of scale and scientific management. c. the McCallum principles. d. the Taylor premises.

The double coincidence of wants is a much practiced transaction modem in the U.S. today

Indicate whether the statement is true or false

The natural rate of unemployment is closely associated with the short-run ups and downs of economic activity

a. True b. False Indicate whether the statement is true or false