Which of the following statements best describes the economic short run?
A) It is a period of one year or less.
B) It is a period during which firms are free to vary all of their inputs.
C) It is a period during which at least one of the firm's inputs is fixed.
D) It is a period during which fixed inputs become variable inputs because of depreciation.
Answer: C
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If a person attends a public college and is not hired because the boss went to a private college, this might be an example of
A) statistical discrimination. B) racial discrimination. C) screening. D) moral hazard.
Returns to monopsony power occur because the wage rate < MRP for the last worker hired
Indicate whether the statement is true or false
Which of the following is considered government spending on security?
a. Social Security payments to retired police officers b. Social Security payments to disabled firefighters c. public assistance for the poor d. wage payments to astronauts e. wage payments to prison guards
According to the equation of exchange, if M = $100, V = 4, and Y = $200, then P equals
A. 20. B. 2. C. 40. D. 500.