Multiple Choice
The main difference between the short run and the long run is that
A) firms earn losses in the long run, but not in the short run.
B) the long run always refers to a time period of one year or longer.
C) in the long run, only one input can be fixed.
D) in the short run, one or more inputs are fixed.
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q170: The law of diminishing marginal returns helps
Q171: Consider the following information about a business
Q172: A firm can use a given plant
Q173: Which of the following will not change
Q174: In the long run,<br>A)all costs are variable
Q176: Using social media, unlike traditionalmedia, people can
Q177: Exhibit 21-3<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-3
Q178: Exhibit 21-13<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-13
Q179: Exhibit 21-5<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-5
Q180: Average fixed cost<br>A)is greater at lower levels