Why might certain industries have a long run and a short run that is not separated by very much time?
What will be an ideal response?
It may be that entry and exit can occur with relative ease if setting up the businessand leaving it do not require much time.
Economics
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Consider the above figure. At income level Yd = $30, the APC is equal to
A) 0.05. B) 1.05. C) 1.25. D) 1.67.
Economics
If a country has a straight (downward sloping) production possibilities frontier, then production is said to be subject to
A) constant opportunity costs. B) decreasing opportunity costs. C) first increasing and then decreasing opportunity costs. D) increasing opportunity costs.
Economics