The time period during at least one input cannot be changed is the
A) production time.
B) calendar year.
C) long run.
D) short run.
Answer: D
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Consumers' total benefit from consuming a good is equal to the
A) total amount spent on the good. B) consumer surplus on the quantity purchased. C) consumer surplus plus the total amount spent on the good. D) consumer surplus minus the total amount spent on the good. E) total amount spent on the good divided by the number of units purchased.
What is the difference between a public franchise and a public enterprise?
A) Both refer to a service provided directly to consumers through the government, but "public franchise" is a term more commonly used in the United States while "public enterprise" is more commonly used in European countries. B) A public franchise grants a firm the right to be the sole legal provider of a good or service. A public enterprise refers to a service that is provided directly to consumers through the government. C) A public enterprise is owned by the public through its holdings of shares of stock in the enterprise. A public franchise is a firm owned by the government. D) A public enterprise grants a firm the right to be the sole legal provider of a good or service. A public franchise refers to a service that is provided directly to consumers through the government.
The rate of interest that the Federal Reserve charges on loans to member banks is the:
a. open market rate. b. federal funds rate. c. discount rate. d. prime interest rate. e. reserve lending rate.
A decreasing-cost industry will have
A. a downward sloping supply curve in the long run. B. an upward sloping demand curve in the long run. C. a perfectly inelastic long-run supply curve. D. a perfectly elastic long-run supply curve.