The long run for a business is a period of time
A. when most inputs are variable.
B. when all inputs can change.
C. when labor is the only input used by the business.
D. longer than a year.
Answer: B
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If the price of a good increased,
a. It would also increase the quantity exchanged if it was caused by an increase in demand. b. It would also decrease the quantity exchanged if it was caused by an increase in supply. c. We would not know how quantity would change if we didn't know whether it was due a change in demand or a change in supply. d. All of the above would be true.
Which of the following statements best describes productive efficiency?
a. Productive efficiency occurs when as additional increments of resources are added to produce a good or service, the marginal benefit from those additional increments decline. b. Productive efficiency occurs when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service). c. Productive efficiency occurs when a country can produce a good at a lower cost in terms of other goods or when a country has a lower opportunity cost of production. d. Productive efficiency occurs when the mix of goods being produced represents the mix that society most desires.
A monopoly exists because of
a. barriers to entry b. the large number of buyers and sellers c. the absence of barriers to entry d. collusion among the dominant firms e. the absence of exclusive government franchises
The most dramatic and rapid increases and decreases in exchange rates occur in the
a. very short run b. short run c. long run d. very long run e. triangular arbitrage market