Which of the following is most likely to be a fixed input in the short run for Joe's Garage?
a. the grease used to lubricate cars
b. the part-time labor employed to repair cars
c. the inventory of replacement parts
d. the electricity used to heat and light the garage
e. the garage used to repair cars
E
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A worker is considered part time if the worker
A) is a full-time student without a job. B) is not employed but is actively looking for work. C) is not employed and is not actively looking for work. D) usually works less than 40 hours per week. E) usually works less than 35 hours per week.
A monopolistic competitor earns zero economic profits if ________
A) price is higher than average total cost B) price is lower than marginal cost C) price is equal to marginal cost D) price is equal to average total cost
The portion of aggregate expenditure that is independent of output is called ________ expenditure.
A. actual B. potential C. autonomous D. planned
The annual growth of U.S. labor productivity:
A. was greater between 1973 and 1995 than between 1995 and 2012. B. was greater between 1995 and 2012 than between 1973 and 1995. C. was negative in the late 1990s. D. averaged nearly 5 percent in the 1990s.