Which of the following statements best describes the economic short run?
A) It is a period during which at least one of the firm's inputs is fixed.
B) It is a period during which fixed inputs become variable inputs because of depreciation.
C) It is a period during which firms are free to vary all of their inputs.
D) It is a period of one year or less.
A
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In the automobile industry, workers have just negotiated a new contract giving workers a large raise. There has also been an increase in the number of licensed drivers who are in the market for a new car
In the market for new automobiles, the effects that these changes will have on the equilibrium price and quantity are A) price will increase, and quantity will decrease. B) price will increase, and the effect on quantity is indeterminate. C) price will decrease, and quantity will increase. D) price will decrease, and the effect on quantity is indeterminate.
No doubt ticket is $45 and you want to illegally sell it (scalp) for $75 what is the opportunity cost?
a. $30 b. $ 45 c. $ 75 d. $ 115
Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly wage rate of $17.85 while the market equilibrium hourly wage rate is $16.50, the:
A. quantity of workers supplied will exceed the quantity of workers demanded. B. supply of labor will decrease until the equilibrium wage rate is $17.85. C. demand for labor will increase until the equilibrium wage rate is $17.85. D. quantity of workers demanded will exceed the quantity of workers supplied.
Demand that is very sensitive to a change in price
a. demand curve b. income effect c. elastic d. inferior good