The short run:
A. is typically defined by the process cycle of the particular firm.
B. is generally less than a year.
C. is defined by the presence of a fixed cost for a firm.
D. All of these are true.
Answer: C
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Today's U.S. dollar bills are "backed" by
A) nothing. B) Warren Buffet. C) barrels of oil. D) precious metals. E) U.S. Treasury Bonds.
If the idea of herd instinct is true, it suggests that the:
A. efficient-market hypothesis doesn't always hold. B. efficient-market hypothesis does, in fact, hold. C. inefficient-market hypothesis doesn't always hold. D. inefficient-market hypothesis does, in fact, hold.
The trade-offs between inflation and unemployment experienced in the 1970s and 1980s indicated to neo-Keynesians that the long-run Phillips curve was
a. horizontal b. upward sloping c. downward sloping d. vertical e. undefined
Immigration is an important
a. explanation for the failure of firms to operate on their labor-demand curves. b. explanation for the failure of firms to operate on their output-supply curves. c. source of shifts in labor demand. d. source of shifts in labor supply.