When an input represents a small proportion of a firm's total costs, then
A) demand for the input will tend to be less elastic.
B) the input demand will vary significantly with a change in input price.
C) the usage of the input cannot be varied in the production function.
D) output demand will be highly elastic.
A
You might also like to view...
Trade restrictions:
A. increase the cost or difficulty of making exchanges across national borders. B. discourage people from fully taking advantage of lower prices in other countries. C. can explain why purchasing power parity doesn't typically hold. D. all of the above statements are true.
Fifteen years ago, China _________________ with the countries of Europe. Today, China ______________________ most European countries
A) traded a great deal; is not a trading partner with B) traded a great deal; is rarely a trading partner for C) did not trade much; is one of the top five trading partners for D) did not trade much; is rarely a trading partner for
Saving is a(n) ________ and wealth is a(n) ________.
A. asset; liability B. flow; stock C. liability; asset D. stock; flow
A weakening in consumer confidence causes a
A. movement down along the aggregate demand curve. B. movement up along the aggregate demand curve. C. shift of the aggregate demand curve to the left. D. shift of the aggregate demand curve to the right.