With respect to production, the short run is best defined as a time period
A) lasting about six months.
B) lasting about two years.
C) in which all inputs are fixed.
D) in which at least one input is fixed.
D
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An example of odious debt would be debts on the part of a nation that were incurred by a dictator for the well being of his family
Indicate whether the statement is true or false
Improvements in the productivity of labor will tend to: a. increase the supply of labor
b. increase the demand for labor. c. decrease the supply of labor. d. decrease the demand for labor.
What type of model would be best if we wanted to analyze the market for fast food? Why?
Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. The average total cost curve is downward-sloping as output increases from Q = 50 to Q = 100 because:
A. increasing average variable cost outweighs decreasing average fixed cost. B. decreasing average fixed cost outweighs increasing average variable cost. C. diminishing returns are not severe enough to outweigh decreasing average fixed cost. D. marginal cost is increasing.