As the price of labor increases relative to the price of capital, the firm will move to a more labor-intensive production method to minimize costs

In the very short-run period,

a. the price elasticity of supply is very elastic. b. the price elasticity of demand is very elastic. c. the cross elasticity of demand is very inelastic. d. income elasticity is very elastic. e. the price elasticity of supply is very inelastic.

In the typical AC curve, the downward-sloping part is attributable to

a. spreading fixed costs over larger outputs and increasing returns to the variable inputs. b. declining administrative costs as output increases. c. falling fixed costs. d. rising total product.