Which of the following is a factor of production that generally is fixed in the short run?
A) a factory building B) water C) raw materials D) labor
A
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China's State Council has encouraged more spending to "improve transportation links and other infrastructure...." It will also "step up its spending on vocational training and other educational programs for adults." www.nytimes
com, Keith Bradsher, October 19, 2008 Suppose that capital goods are on the vertical axis while consumption goods are on the horizontal axis of China's PPF. As a result of enacting the policies, China's PPF will A) shift outward. B) shift inward. C) rotate outward. D) become flatter.
Acme is a perfectly competitive firm. It has the cost schedules given in the above table and has a fixed cost of $12.00. The price of Acme's product is $14.20
What is Acme's most profitable amount of output? What is Acme's total economic profit or loss?