The Main Difference Between the Short Run and the Long

question 175

Multiple Choice

The main difference between the short run and the long run is that

• A)firms earn losses in the long run, but not in the short run.
• B)the long run always refers to a time period of one year or longer.
• C)in the long run, only one input can be fixed.
• D)in the short run, one or more inputs are fixed.
• E)none of the above

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Definitions:

Superego

In psychoanalytic theory, the part of the personality that represents internalized ideals, morals, and conscience, guiding behavior in accordance with societal norms.

Unconscious

A part of the mind that houses desires, memories, and thoughts not within the awareness of the conscious mind.

Rationally Directed

Actions or decisions guided by logical reasoning and systematic analysis of available information, as opposed to those based on emotion or intuition.

Secondary-Process Thinking

A mature type of thinking that operates within the boundaries of logic and reality, in contrast to primary-process thinking which is more primitive and pleasure-oriented.