The Assumption of a Fixed Number of Firms Is Appropriate

question 278

Multiple Choice

The assumption of a fixed number of firms is appropriate for analysis of

• A)the short run but not the long run.
• B)the long run but not the short run.
• C)both the short run and the long run.
• D)neither the short run nor the long run.

---

Definitions:

Corn Chips

A snack food made from cornmeal fried or baked in oil, often seasoned.

French Fries

Sliced potatoes that are deep-fried and typically served as a side dish or snack.

Utility Function

A mathematical representation that associates levels of utility or satisfaction a consumer derives from consumption of goods and services.

Corn Chips

A type of snack made from cornmeal fried or baked in oil, often seasoned, and served as a crispy treat.