The long run is often referred to as the
A) planning horizon.
B) market horizon
C) period of time where there is at least one fixed input.
D) none of these choices.
A
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Between 1800 and 1910, the percentage of the U.S. population living in cities of 100,000 residents or larger went from ____ percent to roughly ___ percent
a. 15; 20 b. 10; 20 c. 5; 20 d. 0; 20
A firm's marginal cost has a minimum value of $80, its average variable cost has a minimum value of $90, and its average total cost has a minimum value of $100 . Then the firm will shut down in the short run once the price of its product falls below
a. $100. b. $90. c. $80. d. $40.
Italy has a comparative advantage in which product?
According to the above table, which assumes that opportunity costs of producing goods X and Y are constant, the opportunity cost of producing one unit of Good X is ________ units of Good Y for Sherry and ________ units of Good Y for Holly.
A. 0.5; 2.5 B. 2; 0.4 C. 25; 100 D. 100; 25