Maria's Mexican Cantina is a restaurant that has been around for 30 years. In that time they have remained in the same building and only changed inputs such as staff and the menu. Based on this, we can conclude that Maria's
A) has only ever operated in the short run.
B) experienced a long run change whenever it changed personnel.
C) has operated in the long run, even though it chose to keep the building input fixed.
D) only operated in the long run if other firms entered or left the industry at this time.
Correct Answer:
Verified
Q99: An explicit cost is
A)omitted when accounting profits
Q100: Accounting profits equal total revenue minus
A)total explicit
Q101: The basic characteristic of the short run
Q102: The long run is characterized by
A)the relevance
Q103: The following is cost information for the
Q105: Which of the following represents a long-run
Q106: The amount of calendar time associated with
Q107: Economic costs are equal to
A)the opportunity costs
Q108: Harvey quit his job at State University,
Q109: Which of the following is a short-run
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