Consider a Firm Which Is Initially in Long- Run Equilibrium

question 60

Multiple Choice

Consider a firm which is initially in long- run equilibrium and is faced with an increase in the price of a variable input, z. In that case, the:

• A)firm will demand more if the input is inferior.
• B)input quantity demanded will be reduced more in the long run.
• C)firm's demand for that input will shift down.
• D)input quantity demanded will be reduced more in the short run.

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Definitions:

Assessment Methods

Techniques and tools used to evaluate, measure, and document the readiness, learning progress, skill acquisition, or educational needs of students.

Experimental Psychology

A branch of psychology that studies the mind and behavior through controlled experiments and systematic observation.

Single Subject

A research design focusing on the detailed examination of a single case or subject, often used in clinical psychology.

Operant Conditioning

A method of learning that uses rewards and punishments to influence behavior, introduced by B.F. Skinner, emphasizing the role of reinforcement and consequences.