In the Short Run, Firms Expand Their Production When the Price

question 123

Multiple Choice

In the short run, firms expand their production when the price level rises because

• A) the money wage rate remains constant so the higher prices for their products makes it profitable for firms to expand production.
• B) each firm must keep its production up to the level of its rivals, and some firms will expand production as the price level increases.
• C) the higher prices allow the firm to hire more workers by offering higher wages, thereby increasing productivity and profits.
• D) firms can increase their profits by increasing their maintenance.

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Definitions:

3-Methylpent-2-Ene

An unsaturated hydrocarbon with the formula C6H12, highlighting a branch and a double bond in its structure.

Hydrogenation

A chemical reaction that involves the addition of hydrogen (H2) across unsaturated bonds in an organic compound, typically to reduce or saturate it.

PVC

Polyvinyl chloride, a synthetic plastic polymer used in a wide array of products, including pipes, cables, and clothing.

Poly(Vinyl Chloride)

A synthetic plastic polymer commonly known as PVC, widely used in construction, pipes, and as insulation for electrical wires due to its durability.