The Short Run Is a Period of Time in Which

question 381

Multiple Choice

The short run is a period of time in which

• A) the quantity used of at least one factor of production is fixed.
• B) the quantities used of all factors of production are fixed.
• C) output prices are fixed.
• D) factor of production prices are fixed.

---

Definitions:

Consumer

An individual or group that purchases goods or services for personal use.

Marginal Cost

The cost of producing one additional unit of a good or service, which is used in determining the optimal production level.

Streetlight

A light, typically mounted on a pole, providing illumination for a street or public area to enhance safety and visibility at night.

Willing

Generally refers to being prepared or inclined to do something, indicating a readiness or acceptance.