Related to the Economics in Practice on Page 669: If

question 122

Multiple Choice

Related to the Economics in Practice on page 669: If the candle makers in the petition were able to gain protection for their industry, the French economy would most likely

• A) benefit in the short run.
• B) become more efficient.
• C) benefit only if the protection was in the form of a tariff.
• D) have to pay higher prices for candles.

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Definitions:

Long-Run

A period in economics during which all factors of production and costs are variable, allowing all inputs to be adjusted to change the level of output.

Maximize Profits

The strategy or process aimed at making the highest possible profit from business operations.

Total Cost

The entire cost of production, including both fixed and variable costs.

Maximize Profits

An objective of firms where they seek to achieve the highest possible financial gain from their operations, often by optimizing production and sales strategies.