Firms' profits or production do not increase in the long run because:
a. some factors of production are fixed in the long run.
b. all the factors of production are variable in the long run.
c. changes in factor costs completely offset any change in the price level.
d. there exists an excess capacity in the economy in the long run.
e. factor costs remain fixed in the long run.
Question 2
When one basketball team spends a large sum of money acquiring better players, it is better off. If all teams do the same thing, all of them are better off. These statements demonstrate:
a. the fallacy of composition.
b. confusing association with causation.
c. a misunderstanding of the direction of causality.
d. the ceteris paribus condition.
When young infants hold objects for a long period of time they eventually become habituated to them.
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