The short run for the industry is defined as a period
a. too brief for new firms to enter the industry.
b. too brief for old firms to leave the industry.
c. in which the number of firms in the industry is fixed.
d. All of the above are correct.
d
You might also like to view...
Define the term "export."
What will be an ideal response?
A homeowner making a mortgage payment is paying
A) a sunk cost which is consequently not a genuine cost at all. B) the cost of borrowing to purchase the house. C) the cost of constructing the house. D) the cost of purchasing the house. E) the cost of retaining ownership of the house.
Direct controls imposing identical emission limits on all polluters are
A) efficient if emissions can be accurately monitored, which is seldom possible. B) equitable because all polluters bear equal costs. C) likely to require a great deal of high-cost pollution reduction. D) more efficient and equitable than a system of fines because fines matter less to large than to small polluters.
Robert Lucas, a Nobel laureate in economics, argues that there are increasing returns to
A) knowledge capital. B) human capital. C) physical capital. D) financial capital.