AC is lower in the long run than in the short run because
a. prices often fall, allowing savings on purchases.
b. inputs can be combined more efficiently in the long run.
c. over time the prices of all inputs tend to decrease.
d. AFC falls with output over all ranges of output.
b
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A disadvantage of moving too quickly is that
A) costs of entry are higher. B) the likelihood of misunderstanding the demand is greater. C) followers gain an advantage by learning from the first-mover. D) All of the above.
The primary objective of economics is
A) to learn how to create more resources. B) to study how people make choices with limited resources. C) to learn how to make the most profits with a given amount of resources. D) to study why some people are never happy with the resources they have.
What is the maximum age for immigrants who are eligible for the DREAM Act?
a. 16 b. 18 c. 13 d. 21
Which of the following statements is correct?
a. Monopolistic competition is similar to monopoly because both market structures are characterized by firms being price makers rather than price takers. b. Monopolistic competition is similar to perfect competition because both market structures are characterized by differentiated products. c. Monopolistic competition is similar to oligopoly because both market structures are characterized by strategic interaction between firms in the market. d. Monopolistic competition is similar to perfect competition because both market structures are characterized by perfectly elastic demand curves for firms.