In the Long Run, Output Is Determined By

question 51

Multiple Choice

In the long run, output is determined by:

• A) the state of technology.
• B) the size of the capital stock.
• C) the size of the labor force.
• D) all of the above.

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Definitions:

Tariff

A tax imposed by a government on goods and services imported into a country, typically used to protect domestic industries.

Imported

Goods or services brought into a country from abroad for sale, contrasting with domestic products or services.

Producer Surplus

The discrepancy between what sellers are prepared to accept for a product or service and the actual amount they end up receiving.

Trade

The exchange of goods, services, or both between two or more parties across different geographies or markets.