In the long run,
a. all of the firm's input quantities are variable.
b. the firm can vary the quantities of some but not all inputs.
c. managers become less efficient.
d. the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.
a
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In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free. b. are willing to buy at various prices. c. need to achieve a minimum standard of living. d. will buy at alternative income levels.
Reference pricing
A. shifts market share to providers with lower prices. B. causes some firms to cut prices. C. appears to reduce costs. D. All of the above
From 2001 to 2015, the debt-GDP ratio in the United States
A. was about constant. B. steadily increased. C. steadily fell. D. fell from 1995 to 1998, then rose sharply.
One of the economic costs of holding currency is that
A) it fulfills no transactions role. B) it fulfills no precautionary role. C) its real value always increases. D) it earns no interest income.