To Economists, the Main Difference Between the Short Run and the Long

question 126

Multiple Choice

To economists, the main difference between the short run and the long run is that

• A)the law of diminishing returns applies in the long run, but not in the short run.
• B)in the long run all resources are variable, while in the short run at least one resource is fixed.
• C)fixed costs are more important to decision making in the long run than they are in the short run.
• D)in the short run all resources are fixed, while in the long run all resources are variable.

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Definitions:

T-group

A type of training group aimed at increasing self-awareness and understanding interpersonal dynamics through group interaction.

Cognitive-behavior

Pertaining to an approach in psychology that examines the interaction between thoughts, feelings, and behaviors, often used in therapeutic settings.

Adaptive Ways

Strategies or methods that individuals or groups use to adjust to new conditions or environments in a beneficial manner.

Problem Specific

Pertaining directly to a particular issue or challenge, often implying a tailored or specialized approach to its resolution.