During the short-run period of the production process, a firm will be:
A. unable to vary any of its factors of production.
B. able to vary some of its factors of production.
C. able to vary all of its factors of production.
D. able to vary the size of its plant.
Answer: B
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Suppose that Far North Canadian Lumber, Ltd., sells lumber in Canada at a price of $1,000 per 1,000 board feet and exports the same lumber to the United States at a price of $600 per 1,000 board feet. U.S. Lumber, Inc., produces and sells lumber for $700 per 1,000 board feet in the United States. What other condition must be satisfied in order for the U.S. government to impose an antidumping duty on Canadian lumber imports?
a. There must be material injury to a Canadian lumber producer. b. There must be material injury to a U.S. lumber producer. c. There must be material injury to both a U.S. and a Canadian lumber producer. d. All these conditions must be satisfied.
Since monopolists that practice price discrimination generally increase market output, compared to a monopoly that charges a single price, practicing price discrimination generally leads to a smaller deadweight loss
a. True b. False Indicate whether the statement is true or false