Short-run decisions refer to the:
A. hourly, daily, or weekly decisions that firms have to make.
B. decisions a firm has to make immediately to prepare for either entering or exiting an industry.
C. immediate decisions that firms have to make that affect level of output, but not the production process.
D. immediate decisions that firms have to make that affect the production process, not level of output.
Answer: A
You might also like to view...
If firms in a monopolistically competitive market are earning negative economic profits, it is likely that:
A. firms will enter the market. B. firms will exit the market. C. the firms in the market will shut down immediately. D. the firms in the market will expand to try to capture lower costs per unit.
Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4?
a. $4.00
b. $5.00
c. $3.00
d. $1.00
Liberals tend to favor increasing taxes as the method of counteracting inflation
a. True b. False Indicate whether the statement is true or false
What is the difference between accounting profit and economic profit?
a. They are the same thing. b. They are only different if the accountant makes a mistake. c. Accounting profit is usually smaller than economic profits. d. Accounting profit makes no allowance for several implicit costs, including equity capital, while economic profit takes these costs into account.