Consider a firm that needs one day to hire more labor, one week to increase its purchases of raw materials, and three months to change the amount of its capital. This firm's long run is
a. three months
b. one week
c. one day
d. three months plus eight days
e. three months plus one week
A
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The neoclassical growth theory concluded that economic growth is temporary because of a population explosion that occurs as a result of economic growth
Indicate whether the statement is true or false
Figure 7-8
Of the graphs in Figure 7-8, which represents fixed cost?
A. 1 B. 2 C. 3 D. 4
A manufacturer of digital music players uses a proprietary file format that is not used by the other firms in the market
This action by the firm may be an example of using a ________ to reduce the number of firms in the market and to maintain a relatively inelastic demand for its products. A) natural monopoly B) positive externality C) subsidy D) barrier to entry
In the short run, the Phillips Curve is ________.
A. horizontal B. upward sloping C. downward sloping D. vertical