In a Purely Technical Sense, the Word Fluid Can Mean

question 17

True/False

In a purely technical sense, the word fluid can mean either a liquid, such as water, or a gas, such as air.

---

Definitions:

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and easy entry and exit from the market.

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.