A fixed input is an input that
A. can never be moved from one location to the next.
B. is fixed only for some quantities of output.
C. cannot be varied in the short-run.
D. can never be varied.
Answer: C
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When two firms in a perfectly competitive market seek to maximize profit in the long run, they eventually end up:
A) producing at a suboptimal level. B) minimizing total cost of production. C) earning the same level of profits. D) producing the same level of output.
Buyers' expenditures and sellers' revenues are always identical
a. True b. False Indicate whether the statement is true or false
The multiple by which an initial change in aggregate spending will alter total expenditure after an infinite number of spending cycles is the
A. Multiplier. B. Velocity of money. C. Business cycle. D. GDP gap.
There are 30 firms in an industry. What happens to that industry's four-firm concentration when the third- and fourth-largest firms merge?
A) Nothing, because their shares are already included in the concentration calculation.
B) The industry's concentration ratio will fall.
C) The industry's concentration ratio will increase.
D) It is impossible to know without more information.