More Than Half of All Adult Americans Have Durable Powers

question 12

True/False

More than half of all adult Americans have durable powers of attorney for health care and living wills.

---

Definitions:

Long Run

A period in which all factors of production and costs are variable, enabling full adjustment to change.

Short Run

A period in which at least one input in the production process is fixed, and only some inputs can be adjusted by firms.

Decreasing Costs

A situation where the total cost of production decreases as the volume of production increases.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, inversely related to normal goods.