During the short-run period of the production process, a firm is:
a. unable to vary any of its factors of production
b. able to vary only some of its factors of production.
c. able to vary all of its factors of production.
d. able to vary the size of its plant.
b
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"An increase in the federal minimum wage will provide a living wage for the working poor" is:
a. a statement of positive economics. b. a fallacy of composition. c. a tautology. d. a statement of normative economics.
To an American, the demand curve for euros tells
a. that Americans do not want to purchase euros b. how many euros Americans would want to buy in a given time period, at each different exchange rate c. the real interest rate on foreign currency over time d. how many Americans are willing to buy euros e. how many euros have been purchased during a given time period
Refer to the graph shown. The equilibrium price for the monopolistically competitive firm represented is:
A. $6. B. $4. C. $10. D. $7.
Why do people specialize?
A. Specialization occurs when people do not want to learn new tasks. B. Specialization usually increases productivity. C. Specialization decreases people's dependence on each other. D. Specialization allows people to do a variety of job tasks.