The basic characteristic of the short run is that:
A. a firm does not have sufficient time to change the amounts of any of the resources it employs.
B. the firm does not have sufficient time to cut its rate of output to zero.
C. barriers to entry prevent new firms from entering the industry.
D. the firm does not have sufficient time to change the size of its plant.
Answer: D
You might also like to view...
An increase in real dividend income minus taxes represents
A) a pure substitution effect. B) a pure income effect. C) a combination of income and substitution effects. D) neither a pure income effect nor a pure substitution effect.
At the point where total utility is at its peak, marginal utility is
a. zero b. positive c. negative d. positive, but declining e. positive, but increasing
Marxists believe that interest income is justifiable because it discourages present consumption
Indicate whether the statement is true or false
As long as the market sets prices above marginal costs, production will be efficient
a. True b. False Indicate whether the statement is true or false