In the short run:
A. some inputs are variable and some inputs are fixed.
B. no inputs are variable and all inputs are fixed.
C. some inputs are variable and no inputs are fixed.
D. no inputs are variable and some inputs are fixed.
Answer: A
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An import quota on a product reduces the quantity of the product imported and
A. will not affect the price of the product to the consumers. B. increases the price of the product to the consumers. C. decreases the price of the product to the consumers. D. increases the total quantity of the product consumed.
If the United States sells computers to Russia, and uses the proceeds to buy shares of stock in Russian companies, the U.S. trade balance ________ and the U.S. financial account balance ________
A) rises; rises B) rises; falls C) falls; falls D) falls; rises
Over the last 100 years or so, the U.S. economy has grown annually at an average rate of:
A. 1 %. B. 2 %. C. 3 %. D. 4 %.
One common mistake in applying the demand and supply framework is to confuse:
a. the shift of a demand or supply curve with movement along a demand or supply curve. b. whether the supply or demand curve is impacted by the change. c. the increase in demand with a shift in the supply curve. d. the increase in supply with a shift in the demand curve.