Which of the following represents the key difference between the short run and the long run?
a. In the long run, the firm makes commitments to a certain type of production technology which are represented as fixed costs in the long run. For example, they have signed a lease on a particular production facility. These fixed costs do not exist in the short run.
b. In the short run, the firm makes commitments to a certain type of production technology, which are represented as fixed costs in the short run. For example, they have signed a lease on a particular production facility. These fixed costs do not exist in the long run.
c. The short run refers to less than two years and the long run in over two years.
d. None of the above are correct.
b
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Before Social Security, 51 percent of men over age 65 worked. Today that number is
A. 9 percent. B. 32 percent. C. 43 percent. D. 24 percent.
What is the profit-maximizing rule for a monopolist?
What will be an ideal response?
If a firm expects that the price of its product will be lower in the future than it is today
A) the firm has an incentive to decrease supply now and increase supply in the future. B) the firm will not change supply until it knows for certain what will happen to its price. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. D) the firm has an incentive to increase supply now and decrease supply in the future.
Which of these nations has the highest rate of union membership (as a share of total employment)?
A) India B) the United States C) Japan D) Sweden