Which of the following statements is TRUE in the short run?
A) Generally, labor is a fixed input.
B) Generally, capital is a fixed input.
C) Raw materials are generally considered to be fixed inputs.
D) None of the above.
B
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When the goods of competing companies are identical, consumers have no reason to prefer one product over the other, so the demand curve for each manufacturer will be perfectly elastic.
Answer the following statement true (T) or false (F)
Which of the following is a normative statement?
A. College tuition rates are rising. B. Twenty-eight percent of U.S. adults have a bachelor's degree. C. State governments should pay for the first two years of college at public institutions. D. The average income of a college graduate exceeds that of the average high school graduate.
Which of the following investments can be classified as specific assets?
a. Opening a restaurant in the business district of a city. b. Purchase of additional cotton bales expecting a rise in demand for cotton garments. c. Leasing out land in a tourist spot to build a retail outlet. d. Purchasing specialized equipment for a hydro-electric power project that will not produce electricity at a different location.
Like the supply curve for individual goods and services, the aggregate supply curve slopes upward and to the right
a. True b. False Indicate whether the statement is true or false