In the ________, the perfectly competitive firm will react to profits by __________________________.
a. short run; increasing the quality of products
b. long run; tailoring their quality controls
c. short run; reducing its labor inputs
d. long run; increasing its production
d. long run; increasing its production
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Which of the following is a type of ownership that features a fixed payment?
a. common stock b. preferred stock c. retained earnings d. bonds
International trade
a. reduces world output of goods and services b. lowers economic efficiency c. allows countries to specialize in producing particular products d. creates opportunity cost differentials in production e. shifts each economy's production possibilities frontier inward
If a theory can predict those things that you should observe if it is right and can also predict those things that you should observe if it is wrong, it is said to have the virtue of falsifiability
Indicate whether the statement is true or false
Housing prices have increased about _______ percent since 1970 due to the active market for real estate in desirable neighborhoods near good schools.
A. 30 B. 50 C. 70 D. 100