The long run for the industry is defined as a period of time long enough for
a. any new firm that desires to enter the industry.
b. any old firm that desires to leave the industry.
c. all aspects of production to vary and there are no fixed costs.
d. All of the above are correct.
d
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Economic growth
A) creates unemployment. B) has no opportunity cost. C) shifts the PPF outward. D) makes it more difficult for a nation to produce on its PPF.
If young business professionals in America suddenly decide that driving German-made cars is an important status symbol, net exports will tend to ________ causing aggregate demand to ________, everything else held constant
A) fall; fall B) fall; rise C) rise; fall D) rise; rise
A consequence of a publicly owned natural monopoly is:
A. the loss of the profit motive. B. an increase in the motivation to improve efficiency. C. increased public pressure to reduce costs. D. reduced chance to remain open longer than political terms of office.
If the economy was producing at point D and moved to point C
A. the unemployment rate would decrease.
B. the production possibilities frontier would shift outward.
C. the production possibilities frontier would shift inward.
D. None of these choices are true.