If the Executives of the U

question 117

Multiple Choice

If the executives of the U.S.silicon-chip industry lobby Congress for protection from imports on the grounds that theirs is a new industry that needs time to develop technological efficiency, they are using the:

• A) environmental standards argument.
• B) infant industry argument.
• C) cheap foreign labor argument.
• D) national security argument.

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Definitions:

Long Run

In economics, a time period in which all factors of production and costs are variable.

Firm's Output

The total amount of products or services a company produces, measured over a specific period, typically indicating the company's productivity level.

Short Run

A period in economic analysis during which at least one input (like capital) is fixed, limiting the ability of the firm to adjust to changes in market demand or conditions.

Break-Even Point

The point at which total costs and total revenues are equal, meaning a business is not making a profit but also not incurring a loss.