Which of the following inputs can be changed in the short run?
A) Machinery
B) Land owned
C) Office Space
D) Labor employed
D
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Other things remaining the same, which of the following is likely to cause a decrease in both the wage rate and the number of workers hired in a glass factory?
A) The introduction of labor-saving technology in the factory B) The introduction of labor-complementary technology in the factory C) A decrease in the population in the region where the factory is located D) An increase in the population in the region where the factory is located
The demand for bus rides is a downward-sloping straight line demand curve. The price elasticity of demand for bus rides ________
A) increases as the price of a bus ride falls B) decreases as the price of a bus ride falls C) is the same no matter what the price of a bus ride D) decreases as the price of a bus ride rises
External economies of scale arise when the cost per unit
A) falls as the industry grows larger and rises as the average firm grows larger. B) rises as the industry grows larger and falls as the average firm grows larger. C) falls as the industry and the average firm grows larger. D) remains constant over a broad range of output. E) rises as the industry and the average firm grows larger.
In the short run, the price level will rise whenever there is an economy-wide decrease in unit costs
a. True b. False