The Main Difference Between the Short Run and the Long

question 214

Multiple Choice

The main difference between the short run and the long run is that

• A)firms earn zero profits in the long run.
• B)the long run always refers to a time period of one year or longer.
• C)in the short run, some inputs are fixed and some are variable.
• D)in the long run, all inputs are fixed.

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Definitions:

Periaqueductal Grey

A region in the midbrain involved in pain modulation, fear conditioning, and the integration of pain and emotional responses.

Optical Illusions

Visual phenomena where the perception of reality is distorted, causing the observer to see something different from the actual object or scene.

Vision

The sense that allows the perception of shapes, colors, and depth through the processing of light by the eyes and brain.

Experiences

Events or occurrences which leave an impression on someone.