In the Short Run

question 30

Multiple Choice

In the short run:

• A)a firm cannot increase or decrease at least one of its inputs.
• B)output cannot be changed.
• C)the price of output is fixed.
• D)All of these are true.

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Definitions:

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and underestimate situational factors when explaining others' behavior.

Empathy

The ability to understand and share the feelings of another person from their perspective.

Cognitive Component

involves the thoughts, beliefs, and knowledge a person has about a situation, object, or concept.

A-B-C Model

A framework in psychology that describes the relationships between an Antecedent (A), Behavior (B), and Consequence (C).