An increase in fixed cost will, in the long run, alter the industry output of
a. both a monopolist and a competitive industry.
b. only a monopolist.
c. only a competitive industry.
d. neither a monopolist nor a competitive industry.
c
Economics
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Trade barriers are an expensive and grossly inefficient way to reach most of the goals for which they are used
Indicate whether the statement is true or false
Economics
The price elasticity of demand for lettuce has been estimated to be 2.58. If an insect infestation destroys 10% of the nation's lettuce crop, how will that affect total revenue from lettuce, all other things unchanged?
A. Average costs will increase B. The average product will fall C. Average total costs will fall D. Total revenue will fall
Economics