A characteristic of the long run is
A) there are fixed inputs.
B) all inputs can be varied.
C) plant capacity cannot be increased or decreased.
D) there are both fixed and variable inputs.
Answer: B
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Which of the following does NOT shift the supply curve?
A) a technological advance B) a decrease in the wages of labor used in production of the good C) a fall in the price of a substitute in production D) an increase in the price of the good
Microeconomics is the study of topics such as national production and unemployment
Indicate whether the statement is true or false
How does a primary financial market differ from a secondary financial market?
What will be an ideal response?
The Stackelberg model is more appropriate than the Cournot model in situations where
A) there are more than two firms. B) all firms enter the market simultaneously. C) one firm makes its output decision before the other. D) firms will be likely to collude.