Multiple Choice
The short run as the term is used in connection with the theory of the firm is a period of time:
A) Too short for the firm to vary all its inputs
B) No more than a week
C) Long enough for the firm to vary the quantity of all its inputs
D) In which the fixed costs are zero
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Costs incurred only when production occurs are
Q3: If labour is the only variable resource
Q4: When both average and total product are
Q5: Diminishing marginal returns are most compatible with:<br>A)Economies
Q6: Which of the following is irrelevant for
Q7: The total product curve may initially show
Q8: Which of the following statements describes the
Q9: Economies of scale exist if:<br>A)As the amount
Q10: Which of the following statements describes increasing
Q11: In economic theory the costs of a