In the long run, which of the following is considered a variable cost?
A) Expenditures for wages
B) Expenditures for research and development
C) Expenditures for raw materials
D) Expenditures for capital machinery and equipment
E) all of the above
E
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If the firms in a market have constant returns to scale internally while there are external economies of scale for the industry, a firm's long-run supply curve will be ________ and the long-run market supply curve will be ________
A) downward sloping; downward sloping B) upward sloping; horizontal C) horizontal; downward sloping D) downward sloping; horizontal E) upward sloping; downward sloping
The optimal size of a project is _____
a. the one that produces the highest net benefits b. the one that has the highest ratio of benefits to costs c. the one where the distance between marginal benefits and marginal costs is greatest d. a and c
Innovation is the process of turning an invention into a marketable product
a. True b. False
The incentive to lend increases as the real rate of interest decreases
a. True b. False Indicate whether the statement is true or false