In economics "short run" is defined as
a. as a period of time when at least one of the four factors of production is fixed in supply
b. A period of time during which at least one production input is fixed while others are variable.
b. A period of time during which at least one production input is fixed while others are variable.
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Explain the difference between a positive production externality and a positive consumption externality
What will be an ideal response?
Price discrimination is the practice of
A) charging different prices for the same good when the price differences arise because of differences in cost. B) charging different prices for the same good when the price differences are not due to differences in cost. C) charging higher prices for brand-named goods and lower prices for generic versions of the goods. D) charging different prices for different qualities of a product.
Agricultural price supports are
A) price ceilings. B) price floors. C) quantity quotas. D) taxes.
The law of comparative advantage can be used to explain why many couples divide up their household duties along gender lines
Indicate whether the statement is true or false