A group of firms that collude to limit competition is called a(n):

Other things equal, if the labor input grows faster than total output, total factor productivity falls

a. True b. False Indicate whether the statement is true or false

Frank owns Frank's Shoes. During a particular period, the price of shoes rises and Frank produces more shoes by hiring more workers and using more material, such as leather. However, he still works with the same size factory because he has a long-term lease. You know that

a. by producing more, Frank's supply curve of shoes shifts to the right b. the factory is overworked so that Frank cannot maintain the production levelhe selected c. by producing more, Frank's demand curve for shoes shifts to the left d. Frank is producing in the short run e. Frank is producing in the long run