The Key Difference Between Supply in the Short Run and Supply

question 145

Multiple Choice

The key difference between supply in the short run and supply in the long run is the assumption that firms:

• A)are able to enter and exit the market in the short run.
• B)are able to enter and exit the market in the long run.
• C)will not collude in the short run.
• D)will have a total supply that is constant in the long run.

---

Definitions:

Values, Interests

Core principles or standards of behavior, and the advantages or benefits that motivate individuals or groups.

Integrated

Combined in such a way that the elements become a unified whole, often referring to efforts of inclusion or synthesis.

International Negotiations

The process of discussing and coming to an agreement between parties from different countries, often involving complex cultural, legal, and economic factors.

Recognized

Being acknowledged or given formal validation by an authoritative body, peers, or society in general, for one's status, accomplishments, or legitimacy.