Which of the following statements is true?
a. In the long run, for any output level a firm can select a plant size that will allow it to minimize average total cost.
b. In the long run, the firm is committed to a particular plant size, and can only vary such resources as labor and some material inputs.
c. In the long run, the firm is committed to a particular plant size, and thus cannot vary any input.
d. The long-run average cost curve connects the minimum points on marginal cost curves for different plant sizes.
a
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Total U.S. government expenditures as a percentage of GDP were largest during which of the following periods of time?
A. The Great Depression B. World War II C. The Vietnam War D. The Energy Crisis of the mid- and late-1970s