The amount of calendar time associated with the long run:
A. is less than that associated with the immediate market period.
B. is one year by definition.
C. varies from industry to industry.
D. is the same for all firms.
Answer: C
You might also like to view...
The most popular movie stars have high incomes for a number of reasons. One such reason is
a. an ability for almost everyone to enjoy movies at a relatively low cost. b. the above-average intellect of the average movie star. c. a compensating differential. d. a lack of technological advances in the movie industry.
Which of the following conditions makes it most likely for a quota to be imposed?
A) The benefits of the quota are spread over many and the costs are concentrated on a few. B) The benefits of the quota are spread over many and the costs are spread over many. C) The benefits of the quota are spread over few and the costs are spread over many. D) The benefits of the quota are spread over few and the costs are spread over few. E) There is not enough information to answer the question.
Capital, labor, and natural resources combine to produce goods and services. Which of the following will not lead to an increase in the ability of an economy to produce goods and services?
A) increased training for workers B) establishing a more productive technology C) new government restrictions on which technologies may be used to produce goods and services D) discovery of new oil reserves
For many consumers, bacon and eggs are complements. Therefore, egg producers monitor the price of bacon because the cross elasticity between bacon and eggs is
A. negative, and a decrease in the price of bacon will increase the demand for eggs. B. positive, and an increase in the price of bacon will increase the demand for eggs. C. negative, and a decrease in the price of bacon will decrease the demand for eggs. D. positive, and a decrease in the price of bacon will increase the demand for eggs.