The long run is a time period in which
A) one year or less elapses.
B) all factors of production are variable.
C) all factors of production are fixed.
D) there is at least one fixed factor of production and at least one variable factor of production.
B
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The four-firm concentration ratio equals the percentage of the value of ________ accounted for by the four ________ firms in the industry
A) sales; smallest B) profits; smallest C) sales; largest D) profits; largest
How are intermediate goods treated in the calculation of GDP?
A) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. B) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. C) They are included only if they are imported. D) Their value is not counted separately, but included as part of the value of the final good for which they are an input.