In economics, short run is defined as?
a. A period of time less than a year.
b. A period of time during which at least one production input is fixed.
c. A period of time less than one month.
d. A period of time during which all production inputs are fixed.
e. A period of time during which all production inputs are variable. (is correct in long-run)
b. A period of time during which at least one production input is fixed.
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Smaller firms tend to rely on financial intermediaries instead of financial markets for external financing due to
A) transactions costs. B) adverse selection. C) moral hazard. D) all of the above.
A cartel
a. has one firm that acts as the price leader b. is a group of firms engaged in price discrimination c. acts like a monopoly d. involves competition between rival firms e. prices its output equal to marginal cost
An increase in the budget deficit causes domestic interest rates
a. and net capital outflow to rise. b. to rise and net capital outflow to fall. c. to fall and net capital outflow to rise. d. and net capital outflow to fall.
Refer to the above table. What does the marginal revenue product equal when 27 workers are hired a week?
A. $8 B. $16.25 C. $216 D. $1040