Which of the following represents the key difference between the short run and the long run?
a. In the short run at least one of the firm's resources is fixed, while in the long run all resources under the firm's control are variable.
b. The short run corresponds to the anticipated remaining life span of the owner/entrepreneur.
c. In the long run at least one of the firm's resources is fixed, while in the short run all resources under the firm's control are variable.
d. In the long run at least one of the firm's resources is fixed, while in the short run all resources under the firm's control are fixed.
a
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Which statement is true?
A. Few Americans blamed Herbert Hoover for the Great Depression. B. The U.S. experienced a brief depression in the early 1920s. C. Most American homes were not wired for electricity until the late 1940s. D. None of the choices are true.
Real income is equal to ________ and a relative price is given by ________
A) the dollar amount of income divided by the dollar price of a good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated B) the dollar price of one good divided by the dollar price of the good whose relative price is being calculated; the dollar amount of income divided by the dollar price of a good C) The dollar price of one good divided by the dollar price of another good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated D) the dollar amount of income; real income divided by the dollar amount of income
A monopolist practicing price discrimination will always charge a higher price to the group of consumers which have less elastic demand
Indicate whether the statement is true or false
When investment exceeds depreciation, the capital stock:
A) falls and output falls. B) falls and output rises. C) rises and output falls. D) rises and output rises.