In a constant-cost industry, inputs prices do not change with changes in output.
Answer the following statement true (T) or false (F)
True
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Evidence shows that many people who delay searching for a job for a year or longer after they are laid off
A) find that they have little to no chance to find new employment after being unemployed for so long. B) find it easier to find new employment than if they had searched for a new job soon after they were laid off. C) find that the extra unemployment benefits they receive during their extended period of unemployment more than make up for the difficulty in finding a job once they decide to re-enter the workforce. D) find it more difficult to find new employment than if they had searched for a new job soon after they were laid off.
The effort to collect and manage revenue from taxes is called:
A. an externality. B. deadweight loss. C. administrative burden. D. transfer of surplus.
When graphed, total fixed cost will
a. slope upward to the right at a constant positive slope b. first decrease and then increase c. first increase and then decrease d. slope down forever e. be a horizontal line
As the demand for a product falls, it is not uncommon for the industry to become a monopoly. This is most likely due to
a. an increase in the number of barriers. b. legal restrictions being imposed. c. the surviving firm operating on the declining part of its average cost curve. d. patent protection causing high prices.