A period of time in which the quantity of at least one factor of production used by a firm is fixed is called the
A) market period.
B) intermediate run.
C) short run.
D) long run.
C
You might also like to view...
Short-run macroeconomic equilibrium occurs when
A) structural and frictional unemployment equal zero. B) the equilibrium lies on the long-run aggregate supply curve. C) aggregate demand and short-run aggregate supply intersect. D) A and B
"LIBOR" is the rate at which U.S. banks
A) lend to their best customers. B) borrow in the Eurodollar market. C) lend in the Eurodollar market. D) borrow in the jumbo CD market.
Jim is haggling with a car dealer over the sale price of a used car. When he entered the store he was the only customer. This means that
a. Jim has a better chance of having his offer accepted, since the seller does not have any outside offers b. Jim has lower chances of having his offer accepted, since the seller has more outside offers c. The disagreement value for the seller has increased d. Only A&C
Last year Best Bank received $60 million in interest payments from borrowers, and $20 million in loans were written off as uncollectible. The bank paid out $22 million in interest to its depositors and collected $35 million for various fees it charged. Administration costs were $15 million, and taxes were $3 million. What was the value of Best Bank's accounting profits?
a. $35 million b. $15 million c. $50 million d. $57 million