The time interval in which suppliers can change the quantity of all the resources they use to produce goods and services is called
a. the short run
b. the long run
c. equilibrium
d. the supply schedule
e. excess supply
B
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If the Consumer Price Index last year was 110 and 115 this year, the inflation rate is approximately
A) 4.5 percent. B) 5.0 percent. C) 10.0 percent. D) 15.0 percent.
Critically evaluate the following statement. "The presence of risk and uncertainty poses a problem for the workings of the market."
What will be an ideal response?
An example of an implicit cost is
a. rent. b. taxes. c. wages. d. forgone interest when investing one’s savings in one’s own business.
Many bars close to campuses have started offering cheaper beer to consumers with a student ID. These bars
a. Assume students have a inelastic demand curve b. Assume students have an elastic demand curve c. Are practicing price discrimination d. Both b and c