4. If the average product is declining, then average total cost must be increasing. 5. The short-run is that period of time during which some inputs cannot be varied. 6. The slope of the short-run ...

1. Since long-run economic profits for a competitive firm are always zero, it will never pay acompetitive firm to adopt a cost reducing innovation. 2. If a lump sum tax is placed on firms in a ...

With high property values, catastrophic damage, and lost economic activity, the Los Angeles wildfires could cost up to $275 billion. Here's who pays.