If a Unit Fits into One Category Only,it Is

question 60

Multiple Choice

If a unit fits into one category only,it is

• A)mutually inclusive.
• B)mutually exclusive.
• C)mutually desirable.
• D)exhaustive.

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Definitions:

Short Run

A period in economics during which at least one factor of production is fixed, limiting the ability of the economy or firm to adjust.

Long Run

A time frame in economics where all factors of production can be varied, allowing for full adjustment to changes.

Marginal Revenue

The enhanced earnings a business receives by selling one more unit of its goods or services.

Marginal Cost

The swell in overall financial outlay resulting from the crafting of an extra unit of a good or service.