The production period in which at least one input is fixed in quantity is the
A) production run.
B) long run.
C) short run.
D) planning horizon.
C
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The change in output resulting from the addition of one more worker is
A) marginal physical product. B) marginal revenue product. C) average physical product. D) average revenue product.
The amount of a particular good that sellers in a market will sell at a given price during a specified period is called:
A. quantity demanded. B. quantity supplied. C. demand. D. supply.
The opportunity cost of going to college includes the costs of tuition, books, fees, and
a. nothing else b. housing c. housing and food d. earnings forgone by not working full-time e. housing, food, and earnings forgone by not working full-time
Due to the implementation of the Troubled Asset Relief Program and the American Recovery and Reinvestment Act, the Federal budget deficit _____
a. doubled b. tripled c. stayed the same d. decreased significantly e. quadrupled