Describe the difference between the short run and the long run
In the short run, the firm considers at least one factor of production to be fixed (factory size, for example). In the long run, the firm considers all factors of production to be variable.
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Suppose a hurricane causes a great deal of destruction in Florida. After the hurricane, it takes much longer than usual for the reconstruction to take place. A possible explanation for this is
A) greed by suppliers of construction materials increased. B) government prevented price gouging during the reconstruction period. C) prices of construction materials fell in the Midwest. D) environmental restrictions on lumbering in the Pacific Northwest were relaxed.
The profit-maximizing output for the perfectly competitive firm occurs at the point at which
A) TR - MR is at a maximum. B) TR - TC is at a minimum. C) MR = MC. D) TR - ATC is at a maximum.
When the economy is in equilibrium, there will be no unemployment
Indicate whether the statement is true or false
A 65 year-old healthy male begins to have difficulty starting to urinate, urinary frequency, and nocturia. What MOST LIKELY is the cause?
A. Epididymitis B. Orchitis C. Prostatic hypertrophy D. Testicular cancer