Which of the following statements is true?
A) In the short run, a firm can vary all its inputs.
B) In the long run, a firm cannot vary any of its inputs.
C) Short-run cost curves lie above long-run cost curves.
D) Short-run cost curves lie below long-run cost curves.
C
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Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to overstate the true extent of joblessness?
A) inflation B) discouraged workers C) unemployed persons falsely report themselves to be actively looking for a job D) counting people as employed who are working part time, although they would prefer to be working full time
To the options buyer, the premium paid for the contract represents the
A) maximum return. B) largest potential loss. C) yield. D) transaction cost.
________ refers to a government's failure to repay its debt
A) Intolerance B) Distortion C) Seignorage D) Repudiation
If a 1 percent change in income generates a greater than 1 percent change in quantity demanded of boating expenditures, then boating is an:
a. example of Engel's law. b. inferior good. c. income inelastic good. d. income elastic good. e. example of a substitute good.