The long run
A) means a long period of time, always longer than a year.
B) is a period of time in which all factors of production can be varied.
C) is different for different firms.
D) Both answers B and C are correct.
D
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Describe the changes in the variables that will cause supply for a product to increase, shifting the supply curve down and to the right
What will be an ideal response?
An increase in the cost of chicken feed will reduce the supply of eggs
a. True b. False Indicate whether the statement is true or false
Payroll tax is a proportional tax
a. True b. False Indicate whether the statement is true or false
It is estimated that a 10 percent decline in income will reduce cigarette smoking by 1.4 percent. From this information one can conclude that cigarettes are most likely:
A. a necessity. B. a large portion of one's budget. C. a luxury. D. an inferior good.