The duration of the "short-run"
A) is one year.
B) is the same for all goods.
C) depends on the relative short-run elasticity of demand and supply for the good.
D) depends on how long it takes consumers or firms to adjust for a particular good.
D
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If a quota is imposed on imports of shrimp into the United States, U.S. consumers ________ and U.S. producers ________
A) gain; gain B) lose; gain C) gain; are unaffected D) lose; lose E) gain; lose
Refer to Scenario 25-2. As a result of Kristy's deposit, Bank A's reserves immediately increase by
A) $2,000. B) $8,000. C) $10,000. D) $50,000.
The openness of the U.S. economy has
A) increased over time. B) decreased over time. C) remained fairly consistent over time. D) decreased over the past 30 years, following a 50 year increase.
Good Boy Super Treats produces healthy treats for dogs. At its current advertising level, Good Boy Super Treats marginal cost of advertising is $1 million and their marginal benefit is $1 million. Which of the following is true?
A) If the firm increases the amount of advertising, its net profit will increase. B) The firm should increase the amount of advertising to increase its net profit. C) The firm is currently maximizing its net profit. D) If the firm decreases the amount of advertising, its net profit will increase.