In the short run, each firm in a perfectly competitive market is free to
a. increase its plant size
b. vary its output level within its existing capacity
c. exit the industry without losses
d. set a price above the market price
e. decrease its plant size
B
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The recession of 2001 began in ________ and ended in ________
A) March; November B) February; December C) April; October D) February; October
Which of the following is a contractual saving institution?
A) The New York Stock Exchange B) Greater Illinois Savings and Loan C) Prudential Insurance Company D) Fidelity Magellan Mutual Fund
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A. W = 0.02Qs - 400 B. W = 0.02Qs + 400 C. W = 50Qs + 20,000 D. W = 200Qs + 800
In the long run, all costs are variable
a. True b. False Indicate whether the statement is true or false