In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices.
B. lower prices.
C. lower output.
D. None of these is true.
Answer: D
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More than 80% of American firms are incorporated
a. True b. False Indicate whether the statement is true or false
Average total cost will increase if __________
Fill in the blank(s) with correct word
Productive efficiency implies that
A) it is impossible to obtain gains in one area without losses in another. B) it is possible to obtain gains in one area without losses in another. C) there are too many resources available. D) there are too few resources available.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.