The longest economic expansion in the United States occurred during the

Which of the following is not an option for a perfectly competitive firm in the short run?

A) Increase its level of production. B) Decrease its level of production. C) Shut down. D) Exit the market altogether.

Which of the following statements is FALSE?

A. An increase in income causes the demand curve for an inferior good to shift to the right. B. An increase in income causes an increase in the demand for a normal good. C. An increase in income causes a decrease in the demand for an inferior good. D. A decrease in income causes the demand curve for a normal good to shift to the left.