The short run is a time period that is
A) equal to a day.
B) too short to change the amount of labor hired.
C) too short to change the size of the firm's plant.
D) long enough to change the size of the firm's plant.
E) too short to change the amount of any resource the firm employs.
C
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What is true only at the output level where price equals average total cost?
a. Marginal cost equals marginal revenue. b. Profit is maximized. c. Losses are minimized. d. Profit is zero. e. Cost is minimized.
If there is an increase in the interest rate,
a. there will be a rightward movement along a stationary money demand curve b. there will be a leftward movement along a stationary money demand curve c. the demand curve for money will shift rightward d. the demand curve for money will shift leftward e. there will be no movement of the demand curve for money and no movement along it
Why do economists think that the structural deficit is a good measure of the direction of fiscal policy?
a. Because it adjusts over the business cycle, and reflects the fiscal stimulus of policy. b. Because it changes when policy changes, rather than when the economy changes. c. Because it changes when monetary policy changes, reflecting the interest rate cost of debt. d. Because it adjusts automatically, rather than requiring specific legislation.
Economists call a production period that is too brief for some of the inputs to be varied the ______.
a. short run b. long run c. fixed term d. fiscal year