The short run is
A) a year or less.
B) up to three years.
C) the period of time in which the firm can vary its rate of output.
D) the period of time in which the firm cannot change its use of at least one input.
Answer: D
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If a monopoly firm sells to competitive distributors, all of the following are true regarding the demand for the monopoly's product except which one?
A) It depends on the consumers' market demand. B) It is the consumers' market demand. C) It is the distributors' demand. D) It is a derived demand.
An example of a tax specifically designed to reduce consumption of a good is a tax on:
A. automobiles. B. dairy products. C. gasoline. D. fast food.
State and local income taxes should be deducted from federal income tax.
A. True B. False C. Uncertain