The basic characteristic of the short run is that:
A. barriers to entry prevent new fir...
The basic characteristic of the short run is that:
A. barriers to entry prevent new firms from entering the industry
B. the firm does not have sufficient time to change the size of its plant
C. the firm does not have sufficient time to cut its rate of output to zero
D. a firm does not have sufficient time to change the amounts of any of the resources it employs.
Answers: 2
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Suppose an economy has only two sectors: goods and services. each year, goods sells 80% of its outputs to services and keeps the rest, while services sells 62% of its output to goods and retains the rest. find equilibrium prices for the annual outputs of the goods and services sectors that make each sector's income match its expenditures.
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Exhibit 34-1 country a country b good x 90 60 30 0 good ygood x good y 0 30 60 90 30 20 10 20 40 60 refer to exhibit 34-1. considering the data, which of the following term to? a. 1 unit of y for 1 unit of x b. 1 unit of y for 0.75 units of x c. 1 unit of y for 0.25 units of x d. 1 unit of y for 1.50 units of x e. all of the above s of trade would both countries agree 8. it -
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