In 2015, Ford Motor Company's sales were rising. These events were caused by
A) improving quality of service. B) an economic recession.
C) an increase in advertising. D) an economic expansion.
D
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The long run refers to a time period
A) long enough for a firm to pay all of its creditors in full. B) long enough for a firm to change the use of its variable inputs. C) long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. D) during which a firm is able to purchase all of its inputs, including its plant and equipment.
A _____ of representative democracy is it _____
a. downside; increases decision-making costs b. benefit; increases decision-making costs c. downside; reduces decision-making costs d. benefit; reduces decision-making costs
Joe has broken the mirror of my car. I have legal recourse to sue for damages because of
A) social costs. B) transactions costs. C) common property rights. D) private property rights.
Dasenbrock and Gauss farms are able to achieve huge cost savings as they increase their acreage. This would be referred to in economics as
a. achieving diseconomies of scale. b. achieving deadweight loss. c. achieving economies of scale. d. achieving diminishing returns.