A constant-cost industry is one that can expand and contract without effecting per unit production costs
a. True
b. False
A
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Wages and prices are many times higher today than they were 30 years ago, yet people do not work a lot more hours or buy fewer goods. How can this be?
Gross investment is:
A. what is left over from total new private investment after depreciation. B. the total amount of private investment purchases, whether new or previously existing. C. the total amount of new private investment purchases. D. the wear and tear on private investment.
A payment that is made by the government for which no goods or services are given in return is known as
A) a public good. B) a transfer payment. C) a negative externality. D) a free rider.
If actual output exceeds potential output, ________ shifts upward over time
A) the short-run AD curve B) the short-run AS curve C) the long-run AD curve D) the long-run AS curve