The long run is a planning period:
A. during which the firm can vary all inputs including its plant size.
B. less than six months.
C. less than one year.
D. less than five years.
Answer: A
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Sailboats and motorboats share Emerson Lake, which nobody owns. The sailors say the motorboats are a hazard; the motorboaters say it is the other way around. Frequent collisions occur, with many injuries and some deaths every year. If the City of Emerson were to buy the lake itself,
a. the problem would be solved, because the lake would have an owner b. the problem would be solved, because no one could use the lake c. the city would still have to assign property rights so that use of the lake would be efficient d. the city would give the right to use the lake to the larger group e. the city would give the right to use the lake to the richer group
The absolute value of the slope of an indifference curve is called the:
a. marginal rate of transformation. b. transitivity slope. c. indifference rate of preference. d. marginal rate of substitution.
The lowest of the federal or state minimum wage levels prevails in each state
a. True b. False Indicate whether the statement is true or false
Regarding economic models, which of the following statements is NOT true?
a. An economic model is a simplified representation of a theory or part of a theory b. An economic model can provide answers for policy makers. c. An economic model can illuminate an important economic problem d. An economic model can depict 3-variable diagrams.