When firms analyze the relationship between their level of protection and their

Question

When firms analyze the relationship between their level of protection and their costs, they separate the lime period invoiced into morning and evening. 6 months or less; 6 months to 1 year; more than 1 year, a fixed period and a variable period. the abort run and the long run Protection in the form of tariffs create winners and losers Winners include and losers include U S. consumers and taxpayers: foreign firms that rely on U.S. exports firms sheltered from foreign competition. U.S. consumers and taxpayers U.S. firms that rely on exports to foreign countries: foreign manufacturers the U.S. government, firms sheltered from foreign competition The main purpose of most tariffs and quotas is to raise revenue for the government reduce the prices consumers pay foe goods and services reduce the foreign competition that domestic firms face. improve the quality of goods and services imported into the country. Which of the following is the best example of a short-run adjustment? A local hikers purchases another commercial oven as part of its capacity expansion. Your local Wal-Mart hires two more associates. Smith University completed negotiations to acquire a large piece of land to build its new library. Toyota builds a new assembly plant in Texas. Which of the following is an implicit cost of production? the loss in the value of capital equipment due to wear and tear the salary you pay yourself for running your business the utility bill paid to water, electricity, and natural gas companies the interest you pay your mother for the money she loaned you to start your business If a perfectly competitive firm's price is above its average total cost, the firm is earning a profit

Explanation / Answer

42.

D The short run and the long run

explianation:

When firms analyze the relationship between their level of production and their costs, they separate thetime period involved into the short run and the long run. In the short run, at least one of the firm’s inputsis fixed. In theshort run, the firm’s technology and the size of its plant are both fixed, while the number ofworkers the firm hires is variable. In thelong run, the firm is able to vary all its inputs and can adopt newtechnology and increase or decrease the size of the plant.

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