Assume the smart watch industry is a perfectly competitive industry that uses a specialized input. If this industry experiences an increase in demand, we might expect that in the long run:
A. neither input nor output prices will increase.
B. only input prices will increase.
C. both input and output prices will increase.
D. only output prices will increase.
Answer: C
Economics
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The table above shows the short-run product schedule for Virginia's Tee-Shirts. What is the marginal product associated with the hiring the fifth worker?
A) 30 shirts B) 50 shirts C) 235 shirts D) 250 shirts
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The relationship between GDP and the money supply has gotten stronger since the 1980s
Indicate whether the statement is true or false
Economics