In the short run, output:
a. can vary as the result of changing the size of existing plants and by new firms entering or leaving the industry.
b. can vary as the result of using a fixed amount of plant and equipment more or less intensively.
c. may be altered by varying the size of plant and equipment that now exist in the industry.
d. is absolutely fixed.
Answer: B
Microeconomics
- An increase in the price level may be caused
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- Suppose that wages increase sharply this year. Other things being equal a wide-spread increase in wages will have which of the following consequences for the U.S. economy?
- An unanticipated increase in inflation this year will
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- In 1998, the U.S. economy was at full employment which means that
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- Which of the following statements about the federal budget deficit is true?
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