The short run is best defined as:
A. a period of time sufficiently short that at least one factor of production is fixed.
B. one year or less.
C. the period of time between quarterly accounting reports.
D. a period of time sufficiently short that all factors of production are variable.
Answer: A
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Describe the three general types of barriers
What will be an ideal response?
The 1997-1998 Asian crisis began as a crisis of confidence in China's financial system
a. True b. False
The bowed shape of the indifference curve reflects the consumer's
a. unwillingness to give up a good that he already has in large quantity. b. unwillingness to purchase a good that he already has in large quantity. c. greater willingness to give up a good that he already has in large quantity. d. greater willingness to purchase a good that he already has in large quantity.
Price discrimination is possible only if
A. markets can be segregated. B. economies of scale exist. C. each person in the market has the same elasticity of demand. D. prices are kept secret so those paying the high price do not know that others paid less.