The long-run production period:
a. is a time when all inputs are variable
b. varies in length according to how capital goods are specialized.
c. is likely longer for a steel manufacturer than for a retailer who sells watches off a cart at the local mall.
d. is characterized by all of the above.
d
Economics
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The equilibrium level of aggregate planned expenditure is found where
A) there is no saving and no dissaving. B) net exports is zero. C) aggregate planned expenditure equals real GDP. D) autonomous expenditure equals equilibrium expenditure. E) the price level is rising at a constant rate.
Economics
In Exhibit 10-5, at what wage rate will the firms stop hiring these workers?
A. $25.00. B. $20.00. C. $15.00. D. $10.00.
Economics