The difference between the short run and the long run is
A) economic profits are negative in the short run and positive in the long run.
B) economic and accounting profits are not equal in the short run but are equal in the long run.
C) that in the short run at least one factor of production cannot be varied while in the long run all factors of production can be varied.
D) the short run is a period less than a year while the long run is a period greater than a year.
Answer: C
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Which of the following statements provides the most accurate description of the period between the Civil War and WWI?
a. Real per capita wages were relatively flat. b. The share of immigrants was increasingly Protestant. c. Businesses became increasingly regulated. d. The average hours of work for employees in the industrial sector increased slightly.
Which of the following best describes an outcome of a stronger exchange rate?
a. A stronger exchange rate makes it easier for exporters to sell their goods abroad while making imports cheaper, so a trade deficit (or a reduced trade surplus) results. b. A stronger exchange rate makes it easier for exporters to sell their goods abroad while making imports cheaper, so a trade surplus (or a reduced trade deficit) results. c. A stronger exchange rate makes it more difficult for exporters to sell their goods abroad while making imports cheaper, so a trade deficit (or a reduced trade surplus) results. d. A stronger exchange rate makes it more difficult for exporters to sell their goods abroad while making imports cheaper, so a trade surplus (or a reduced trade deficit) results.
Why do firms advertise?
a. to stabilize profits b. to eliminate zero profits c. to create a more elastic demand curve d. to create a less elastic demand curve
The relationship between quantity supplied and price is usually
A. a direct relationship. B. an inverse relationship. C. a negative relationship. D. impossible to determine.