The text considers three methods that can be used to obtain empirical estimates of long-run costs in different industries
Of those three, surveys of expert opinion are considered to be most reliable because they are less subject to bias than the other two methods. Indicate whether the statement is true or false
FALSE
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The "fiscal multiplier" is the ripple effect of subsequent:
A. increases in spending following an initial increase in government spending. B. increase rate changes following a change to the federal funds rate. C. increases in lending following an initial increase in bank reserves. D. private-sector layoffs following an initial layoff in the public sector.
When new firms enter a perfectly competitive market,
a. demand increases. b. the short-run market supply curve shifts right. c. the short-run market supply curve shifts left. d. existing firms will increase prices to keep the new firms from entering.