A period of time in which the quantity of at least one factor of production used by a firm is fixed is called the

A firm is making a long-run planning decision. It wants to decide on the optimal size of plant and labor force. It is considering building a medium-sized plant and hiring 100 workers

Engineering estimates suggest that at those levels, the marginal product of capital will be 100 and the marginal product of labor will be 75. If the wage rate is $5 and the rental rate on capital is $10, is the firm making the right decision? Support your answer.

Which of the following led a strong attack against mainstream macroeconomists during the 1970s?

A) Friedman and Phelps B) Hicks and Hansen C) Modigliani and Friedman D) Lucas, Barro, and Sargent