In the short run, ________ factors of production are fixed, while in the long run, ________ of them are.
A. some; none
B. all; none
C. no; at least some
D. all; at least some
Answer: A
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If the demand is perfectly elastic, buyers pay the entire tax
Indicate whether the statement is true or false
If Good Smells, a perfume manufacturer, purchases several local retail shops to sell their perfumes, this is an example of ________.
A) outsourcing B) divestiture C) backward integration D) forward integration
The value of price elasticity of demand is more likely to be above 1 if:
a. consumers have a long time to adjust to a price change. b. the product is a necessity. c. demand is inelastic. d. there are few close substitutes for the product. e. total revenue declines in response to a price reduction.
In less-developed countries, the ________ effect leads to ________.
A. input-substitution; labor intensive production B. input-substitution; mechanized production C. output effect; labor intensive production D. input effect; mechanized production