When firms analyze the relationship between their level of production and their costs they separate the time period involved into
A) a fixed period and a variable period.
B) morning and evening.
C) the short run and the long run.
D) 6 months or less; 6 months to 1 year; more than 1 year.
C
Economics
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In equilibrium, with diminishing marginal products, the slope of the PPF is equal to:
a. the ratio of prices for the products. b. the slope of the highest possible indifference curve. c. the ratio of the marginal products of labor. d. the ratio of prices for the products, the slope of the highest possible indifference curve, and the ratio of the marginal products of labor.
Economics
Downward wage rigidity:
A) leads to frictionless labor markets. B) causes the wage to be above the market clearing wage. C) helps lower unemployment. D) is common only in industries with strong labor unions.
Economics