« previous next »

Author Question: Firms' profits or production do not increase in the long run because: a. some factors of production ... (Read 97 times)

lb_gilbert

  • Hero Member
  • *****
  • Posts: 588
on: Jun 30, 2018
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.


cupcake16

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

The familiar sounds of your heart are made by the heart's valves as they open and close.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

Urine turns bright yellow if larger than normal amounts of certain substances are consumed; one of these substances is asparagus.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Results from sequential study of two cohorts tested at three ages and at three different points in t Results from sequential study of two cohorts tested at three ages and at three different points in t
Long Term Control Medications Long Term Control Medications
Apply long effleurage stroke to entire arm, from hand to shoulder. Brush off from shoulder to hand. ... Apply long effleurage stroke to entire arm, from hand to shoulder. Brush off from shoulder to hand. ...
Cereal production in Africa may decrease by as much as 50% by 2080 in some areas Cereal production in Africa may decrease by as much as 50% by 2080 in some areas
World Crude Oil Production, 1900–2010 World Crude Oil Production, 1900–2010
Other Endocrine Tissues and Organs, Eicosanoids, and Growth Factors Other Endocrine Tissues and Organs, Eicosanoids, and Growth Factors
Video: Humerus Adduction Animation

For a complete list of videos, visit our video library