A firm's expansion path
A) shows the targeted growth rate in sales over the long run.
B) is the same thing as its long-run average cost curve.
C) is a curve that shows a firm's cost-minimizing combination of inputs for every level of output, holding input prices constant.
D) is a curve that shows expected profits at various price levels.
C
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Which of the following is an effective counter argument to the claim that protectionism saves domestic jobs?
A) Protectionism eliminates domestic jobs in export industries. B) Imports create jobs in this country for people selling and servicing imported items. C) The cost of saving domestic jobs through protectionism may be high. D) all of the above
Proponents of the new growth theory argue that which of the following is a determinant of economic growth?
A) An effective system of patent protection B) The quality and size of the nation's educational system C) The proportion of income that goes into research and development D) All of the above