Economists Define the Short Run as a Period of Time

question 186

Multiple Choice

Economists define the short run as a period of time so short that

• A) the amount of output cannot be changed except under diminishing marginal returns.
• B) the amount of output cannot be changed at all.
• C) only one factor of production can be varied.
• D) at least one factor of production cannot be varied.

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Definitions:

Symptoms

Signs or indications of a disease, disorder, or condition, often experienced by the individual affected.

Solomon Asch

A psychologist known for his research on conformity, including his famous experiment demonstrating how group pressure can influence an individual to conform.

Conformity

Adjusting one's behavior or thinking to coincide with a group standard.

Energy Policy

Plans and actions taken by a government or organization regarding the production, distribution, and consumption of energy.