Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.

If Iceland can produce fish with fewer resources than Greenland, we have evidence of

a. specialization b. geographic advantage c. comparative advantage d. absolute advantage e. free trade

If a price-taker industry is in long-run equilibrium, the market price in the industry will be just sufficient to cover the firm's average

a. total costs. b. fixed costs. c. variable costs. d. variable costs plus a 10 percent accounting profit.