For a firm, we define the short run as a period of time during which
A. at least one input cannot be changed.
B. all inputs cannot be changed.
C. only the plant size can be changed.
D. all inputs can be changed.
Answer: A
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If a commercial bank has liabilities valued at $150 million, a net worth of $50 million and assets (not including loans) of $180 million, what is the value of the bank's loans?
a. $180 million b. $200 million c. $20 million d. $280 million e. $80 million
If a person takes an action if, and only if, the extra benefits from taking that action are at least as great as the extra costs, then that person is:
A. following the Cost-Benefit Principle. B. not following the Cost-Benefit Principle. C. following the Scarcity Principle. D. not rational.
If a firm in a perfectly competitive market is currently producing the output where price = marginal cost = average total cost, the firm is:
A. earning a positive economic profit. B. earning a zero economic profit. C. suffering an economic loss. D. All of these
China has a larger population than India and is expected to be the most populous nation in the world throughout the twenty-first century
Indicate whether the statement is true or false