An Economist Is Studying the Pricing Behavior of Las Vegas

question 286

Multiple Choice

An economist is studying the pricing behavior of Las Vegas all-you-can-eat buffets. He says he will limit his analysis to a time period that allows for new buffets to enter the market and for existing ones to leave it. The economist is referring to the ________ time period.

• A) market
• B) industry
• C) long-run
• D) short-run

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Definitions:

Mental Age

A measure of an individual's mental attainment based on the age at which it is normal for an individual to reach that level of mental capacity.

Developmental Level

A measure of an individual's growth or advancement in physical, cognitive, social, or emotional areas relative to age or stage expectations.

Intelligence Quotient

A measure of a person's intellectual abilities relative to others, based on standardized tests.

Mental Age

A measure of an individual's cognitive ability expressed in terms of the age at which an average individual reaches the same ability.