If climate change starts creating earthquakes, storms, droughts and all manner of obstacles to production operations, the effects can be shown on effected production function graphs by
A. eliminating long run production functions because they are irrelevant.
B. changing the curves of the isoquants to straight lines.
C. lowering the short run production function and reducing the numbers on each isoquant.
D. eliminating the increasing returns portion of the short run production function.
Answer: C
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A) increased; short-term; increase B) decreased; short-term; decrease C) increased; long-term; increase D) decreased; long-term; decrease E) increased; short-term; decrease
The percentage of the population that lived in urban areas rose from approximately 5% in 1790 to 40% in 1860
Indicate whether the statement is true or false
What kind of game is shown in Scenario 13.13?
A) Battle of the Sexes. B) Matching Pennies. C) Prisoners' Dilemma. D) The Product Choice game. E) It is not possible to tell what kind of game it is because the strategies have not been identified.
In constructing the short-run aggregate supply curve, we assume that the goal of business is to _____
Fill in the blank(s) with the appropriate word(s).