Economists distinguish between the short run and the long run by noting that:
A. no inputs can be varied in the long run.
B. input prices are subject to fluctuations in the short run.
C. output prices are subject to fluctuations in the long run.
D. some inputs cannot be varied in the short run.
Answer: D
You might also like to view...
Suppose that the Fed decides to decrease the growth rate of the money supply in the United States. What is most likely to happen to the U.S. trade deficit and to GDP?
a. The trade deficit will fall; GDP will fall. b. The trade deficit will rise; GDP will rise. c. The trade deficit will fall; GDP will rise. d. The trade deficit will rise; GDP will fall.
________: an increase in the foreign price of the domestic currency
Fill in the blank(s) with correct word
Refer to the table shown.BotswanaZimbabweGoldNickelGoldNickel030009060200186012010036301800540A comparative advantage in the production of gold is held by:
A. Zimbabwe. B. Botswana. C. both countries. D. neither country.
Billie's Billiard Barn has seen its business slow down ever since Patti's Ping Pong Parlour opened up across the street. Since the opening of Patti's Ping Pong Parlour, the opportunity cost of shooting pool at Billie's Billiard Barn has ________ for
Billie's customers who also like to play ping pong. A) decreased. B) increased. C) fallen to zero. D) not changed.