The primary cause of inflation is
a. large budget deficits.
b. high taxes.
c. rapid expansion of the money supply.
d. government expenditures that are large relative to the size of the economy.
C
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Which of the following statements about the short run and long run is true?
A) The number of firms in the industry is fixed in the short run, but in the long run the number can change. B) Free entry and exit of firms is possible in the short run, but entry and exit of firms is restricted in the long run. C) The short-run average cost curves lies below the long-run average cost curves. D) A firm can vary all of its factors of production in both the short run and the long run.
The key difference between oligopoly and other market structures is the interdependence among producers
a. True b. False Indicate whether the statement is true or false