A constant-cost industry is one in which
A) output increases lead to productivity gains.
B) the marginal product of labor is constant.
C) there is no change in long-run per-unit costs, even as output varies.
D) each firm has a horizontal long-run average cost curve.
C
Economics
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An example of automatic fiscal policy is
A) an interest rate cut, initiated by an act of Congress. B) an increase in the quantity of money. C) a tax cut, initiated by an act of Congress. D) a decrease in tax revenues, triggered by the state of the economy. E) any change in the interest rate, regardless of its cause.
Economics
Suppose that in an hour Joe can prepare 10 sandwiches or 5 pizzas. The opportunity cost of Joe producing one sandwich is
A) 2 pizzas. B) 1/2 pizza. C) 5 pizzas. D) 1 pizza.
Economics