The Short-Run Is Three Months or Less

question 9

True/False

The short-run is three months or less.

---

Definitions:

Purely Competitive

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

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or input in production.

Total-Product Schedule

A table showing the output or total product produced by a firm at different levels of input resource.

Output

Refers to the total amount of goods or services produced by a firm or economy over a specific period.