Scenario 5.1
The demand for noodles is given by the following equation: Q = 20 - 4P + 0.2I - 2P x . Assume that P = $8, I = 200, and P x = $10.
-When economists speak of the short run, they are referring to _____.
A)a specific period of time, usually less than one year
B)a specific period of time, more than one year, but less than two years
C)a specific period of time just long enough that the quantities of all resources can be varied
D)a period of time short enough that the quantities of at least one of the resources cannot be varied
E)a period of time short enough that none of the quantities of the resources can be varied

Question

Quizplus · Accepted Answer

In economics, the short run refers to a period of time short enough that at least one of the resources (inputs) cannot be varied. This is because in the short run, some factors of production are fixed and cannot be adjusted due to contracts, physical limitations, or other constraints.

Scenario 5.1 The Demand for Noodles Is Given by the Following Equation