The innovation cycle is regarded as a long-wave cycle and it can last as long as

Variable inputs are defined as any resource that:

a. varies with the size of the firm's plant. b. cannot be changed as output changes. c. can be changed as output changes. d. can be increased or decreased hourly.

Using the market marginal revenue, firms in a cartel or engaged in tacit collusion should set ________ equal to ________ to maximize profit.

A) marginal revenue; marginal cost B) marginal cost; average total cost C) marginal revenue; average total cost D) price; marginal revenue