The main difference to an economist between "short-run" and "long-run" is that:
A) Variable costs are short-run investment decisions where as fixed costs are long-run production decisions.
B) In the short-run all resources are fixed where as in the long-run all resources are variable.
C) In the long-run all resources are variable where as in the short-run at least one resource is fixed.
D) Fixed costs are more important then variable costs in the short-run.
Correct Answer:
Verified
Q37: Profit is the difference between:
A) Total cost
Q38: Which of the following is most likely
Q39: If a firm increases output,total costs will
Q40: Which of the following is equivalent to
Q41: Marginal cost:
A) Is the change in fixed
Q43: If an additional unit of labor costs
Q44: If an additional unit of labor costs
Q45: When a firm makes an investment decision,it
Q46: If price is greater than marginal cost
Q47: Which of the following must be considered
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents