The short run is a time frame in which
A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied.
B) the quantities of all factors of production can be varied.
C) the quantities of all factors of production are fixed.
D) all costs are sunk costs.
A
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Briefly define real and potential GDP, and explain the relationship between real GDP and potential GDP. How can we measure potential GDP?
What will be an ideal response?
Adam Smith's pin factory and Henry Ford's automobile assembly line are examples of
a. Product lines b. Functionally organized firms c. Inefficient processes d. In-line production
If the price of a British pound increases, more Britons will be willing to supply pounds to the foreign exchange market
a. True b. False
The ratio of the debt to GDP is a measure of the burden the debt places on the economy.
Answer the following statement true (T) or false (F)