In the long run, if we observe firms in a competitive market earning economic profits, we know that this market is in long-run equilibrium
a. True
b. False
Indicate whether the statement is true or false
False
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The most widely used approach for the analysis of oligopoly behavior is
a. game theory. b. role playing. c. strategic engineering. d. input-output analysis.
Returns to scale refers to
A. what happens to output when all inputs are varied in some proportion. B. what happens to output when all inputs are held fixed. C. the law of diminishing returns. D. what happens to output when at least one input is fixed and one is varied.
there is a trade-off between the amount of consumption that people can enjoy today and the amount of consumption that they can enjoy in the future because
What will be an ideal response?
Free trade agreements between the United States and Canada started with the auto industry in the year 1965
Indicate whether the statement is true or false