Which of the following best applies to the distinction between the "long run" and the "short run"?
A) The short run is a period of approximately 1-6 months while the long run is any time frame which is longer.
B) In the short run, only new firms may enter, while in the long-run firms may either enter or exit the market.
C) The rationing function of price is a short-run phenomenon whereas the guiding function is a long-run phenomenon.
D) All of the above statements are correct.
C
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Answer the following statement true (T) or false (F)
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A) excludability B) rivalry C) non-rivalry D) lugubrious
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What will be an ideal response?
Physical capital is the:
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