Distinguish between the short run and the long run. In the short run, ______, whereas in the long run ______.
a. some inputs are variable because they can be altered quickly; all inputs are fixed
b. some inputs are fixed because they cannot be altered quickly; all inputs are variable
c. fixed inputs can be adjusted as production increases; all inputs can be altered
d. inputs cannot be varied; some inputs are fixed and cannot be altered
b. some inputs are fixed because they cannot be altered quickly; all inputs are variable
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Give 3 reasons for deviations from IRP. Do these deviations indicate unexploited profit opportunities for investors?
What will be an ideal response?
In economics, the study of the decisions of firms in industries where the profits of each firm depend on its interactions with other firms is called
A) decision theory. B) game theory. C) market structure analysis. D) profit analysis.
In which instances will total revenues decline?
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