A firm uses workers, land, and machinery for its production process. Which of the following statements is then true?
A) The only way the firm can change its output level in the long run is by changing the number of workers.
B) The only way the firm can change its output level in the long run is by changing the amount of land it owns.
C) The only way the firm can change its output level in the long run is by changing the amount of machinery.
D) The firm can change its output level in the long run by changing any or all of its three inputs.
D
You might also like to view...
Refer to the table above. If exports increase by $4,000 in the next year, ________, all other variables remaining unchanged
A) trade surplus will increase by $2,000 B) trade deficit will increase by $2,000 C) gross domestic product will increase by $4,000 D) gross domestic product will decrease by $4,000
In the above figure, when the interest rate is 8 percent and household income is $40,000, household consumption is
A) $0. B) $20,000. C) $35.000. D) $60,000.
Recall the Application about the effects of increasing state level Earned Income Tax Credit (EITC) on child health in the United States to answer the following question(s).Recall the Application. How does EITC affect government health expenditures?
A. EITC raises private insurance coverage, causing a corresponding decrease in public health insurance expenditures in Medicaid and Children's Health Insurance Program (CHIP). B. EITC has no effect on public health insurance expenditures in Medicaid and Children's Health Insurance Program (CHIP). C. EITC raises private insurance coverage and a similar increase in public health insurance expenditures in Medicaid and Children's Health Insurance Program (CHIP). D. EITC lowers private insurance coverage, causing a corresponding increase in public health insurance expenditures in Medicaid and Children's Health Insurance Program (CHIP).
Which of the following short-run outcomes for monopolistic competition is NOT possible?
A. P > ATC. B. P = MR = MC. C. P > MC > ATC. D. P = ATC.