For a given level of output, the short-run total cost of production
a. always falls below the long-run total cost of production
b. always exceeds the long-run total cost of production
c. always equals the long-run total cost of production
d. may exceed or equal the long-run total cost of production
e. may exceed or fall below the long-run total cost of production
D
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As the price of home heating oil rises, families buy less home heating oil. Hence a scatter diagram with the price of home heating oil on the vertical axis and the quantity purchased on the horizontal axis reveals a ________ relationshi
A) time-series B) linear C) negative D) positive E) cross-sectional
Suppose labor supply can be described as ES = 0.1w ? 1000 where w is yearly salary. How many workers are willing to work when the yearly salary is $20,000?
A. 500 B. 1000 C. 200 D. 2000 E. 100