Which of the following is a long-run adjustment?
A) A firm lays off two workers.
B) Two firms exit the asbestos removal industry.
C) A manufacturer increases its purchase of raw materials.
D) A farmer buys twice her usual amount of herbicide.
Correct Answer:
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Q15: _ are costs that do not require
Q16: _ are costs that require a monetary
Q17: In the long run
A) all factors of
Q18: Which of the following is an example
Q19: In the short run, _ factors of
Q21: Economic cost differs from accounting cost because
Q23: Can a firm's accounting profit be smaller
Q24: Implicit cost is the opportunity cost of
Q25: Recall the Application about the opportunity cost
Q360: What is economic profit?
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