A basic distinction between the long run and the short run is that
A) if a firm produces no output in the long run, it still incurs a cost.
B) the opportunity costs of production are lower in the short run than in the long run.
C) in the long run, some inputs are fixed, while in the short run, all inputs are variable.
D) in the short run, complete adjustment of all inputs is impossible, while in the long run all inputs can be adjusted.
Correct Answer:
Verified
Q1: The focus of firm decisions in the
Q3: The time period during which a firm's
Q4: During the short run, a firm cannot
A)
Q5: Which of the following would be a
Q6: Which of the following is TRUE about
Q7: The time period during which all factors
Q8: Which of the following would NOT be
Q9: Which of the following is a short-run
Q10: The time period during at least one
Q11: A fixed resource is one that
A) is
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