Intermediate inputs are
A) goods used for household consumption only.
B) goods used for government consumption only.
C) goods purchased by one business from another to use in production.
D) raw materials used in the production process.
C
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If the opportunity cost of working outside the home decreases then it is likely that ________, assuming all else equal
A) there will be a rightward shift in the labor supply curve B) there will be an upward movement along the labor supply curve C) there will be a downward movement along the labor supply curve D) there will be a leftward shift in the labor supply curve
The short-run elasticity of supply is less than the long-run elasticity of supply
A) because consumers' tastes and preferences change in the long run but not in the short run. B) because producers can adjust the amount of machinery in the long run but not in the short run. C) only for durable goods. D) only for nondurable goods.