The period in which there are no fixed costs is the
A. Implicit run.
B. Long run.
C. Short run.
D. Production run.
Answer: B
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In the absence of the negative externality from each individual's contribution to road congestion, roads would not be congested (aside from congestion caused by accidents).
Answer the following statement true (T) or false (F)
A major advantage of automatic stabilizers is that they: a. guarantee that the federal budget will be balanced over the course of the business cycle. b. require no legislative action by Congress to take effect
c. simultaneously stabilize the economy and reduce the size of the public debt. d. automatically produce surpluses during recessions and deficits during economic booms.
Under perfect competition, firms are relatively ignorant of the actions of their competitors
a. True b. False Indicate whether the statement is true or false
When a price control pushes the price of a good or resource below the market equilibrium, then
What will be an ideal response?