The main difference between the short run and the long run is that:
A) in the short run all inputs are fixed, while in the long run all inputs are variable.
B) in the short run the firm varies all of its inputs to find the least-cost combination of inputs.
C) in the short run, at least one of the firm's input levels is fixed.
D) in the long run, the firm is making a constrained decision about how to use existing plant and equipment efficiently.
C
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Homothetic goods are neither necessities nor luxuries, but rather lie on the borderline between them. ?
Answer the following statement true (T) or false (F)
Alice, Bob, and Cody live in Wesland. Their annual incomes and the amounts they pay in income tax are shown in the table below. Income Tax Alice 30,000 6,000 Bob 50,000 7,500 Cody 100,000 12,000 The income tax in Wesland is
A) proportional. B) regressive. C) flat-rate. D) progressive.
If the consumption schedule is a straight line, it can be concluded that the
A. APC is equal to the MPC. B. MPC is constant at various levels of income. C. MPC is zero. D. APC is necessarily constant.
Use the market for central bank money to answer this question. Graphically illustrate and explain what effect an increase in the reserve deposit ratio (?) will have on this market and on the equilibrium interest rate
What will be an ideal response?