Consider the Short- Run and Long- Run Cost Curves for a Firm.If

question 3

Multiple Choice

Consider the short- run and long- run cost curves for a firm.If factor prices decrease,

• A)there will be no change in the cost curves in the long run.
• B)the firm will move down along both its long- run and short- run average cost curves.
• C)both the long- run and short- run average cost curves will shift downward.
• D)the firm will move down along its long- run average cost curve only.
• E)there will be a downward shift in the long- run average cost curve but not in the short- run average cost curve.

Differentiate between the central and peripheral routes to persuasion and identify factors influencing route selection.

Explain the psychological reactance theory and its relevance to freedom and behavioral reactions.

Describe the characteristics of promotion and prevention focus and their impact on motivation and behavior.

Identify the role of need for cognition in information processing and persuasion.

---

Definitions:

Currency

The system of money in general use in a country or economic bloc, used as a medium of exchange for goods and services.

Secondary Reserves

Liquid assets that are not used as part of a firm's primary operations but can be quickly converted into cash to meet short-term liabilities.

Treasury Bills

Short-term government securities issued with a term typically less than one year, used to raise funds for government expenses.

Bank Loan

A sum of money borrowed from a bank that must be repaid with interest over a predetermined time period.