The long run is a planning period:
A. during which the firm can vary its plant size.
B. less than six months.
C. less than one year.
D. less than five years.
Answer: A
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Refer to the scenario above. What is the change in total revenue due to the price change?
A) The total revenue increases by $350. B) The total revenue increases by $3,400. C) The total revenue decreases by $1,650. D) The total revenue decreases by $2,275.
If the nominal exchange rate between the dollar and the euro is $1 = €0.70, and the price of an 8.4 oz. can of Red Bull is $1.75 in the United States and €1.40 in Germany, the real exchange rate between the dollar and the euro is
A) 1.25 cans of Red Bull in Germany per can of Red Bull in the United States. B) 0.80 cans of Red Bull in the United States per can of Red Bull in Germany. C) 0.875 cans of Red Bull in Germany per can of Red Bull in the United States. D) 0.56 cans of Red Bull in Germany per can of Red Bull in the United States.