The long-run production period:
a. is a time when all inputs are variable
b. varies in length according to how capital goods are specialized.
c. is likely longer for a steel manufacturer than for a retailer who sells watches off a cart at the local mall.
d. is characterized by all of the above.
d
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What is the effect on the equilibrium price and equilibrium quantity of theater tickets if the price of an orchestra ticket increases and the wage rate paid to actors decreases? The equilibrium price of a theater ticket _____ and the equilibrium quantity _____.
A. always falls ; increases B. always falls; decreases C. rises, falls, or remains the same; decreases D. does not change; does not change E. rises, falls, or remains the same; increases
If a nation's population grows at 2 percent and its real GDP grows at 4 percent, what is the growth rate of real GDP per person?
What will be an ideal response?
The predecessor to the AFL was the ___________.
Fill in the blank(s) with the appropriate word(s).
According to classical economists, a decrease in the rate of interest will
A. increase investment. B. increase consumer saving. C. increase the inflation rate. D. increase unemployment.