Which of the Following Distinguishes the Short Run from the Long

question 220

Multiple Choice

Which of the following distinguishes the short run from the long run in pure competition?

• A)Firms can enter and exit the market in the long run but not in the short run.
• B)Firms attempt to maximize profits in the long run but not in the short run.
• C)Firms use the MR = MC rule to maximize profits in the short run but not in the long run.
• D)The quantity of labor hired can vary in the long run but not in the short run.

---

Definitions:

Short-Term Memory

The capacity for holding a small amount of information in an active, readily available state for a short period.

Context-Dependent Memory

The principle that recall of information is easier when in the same context or environment where the memory was originally formed.

Serial-Order Effect

The impact of an item's position in a sequence on its recall, usually seen in memory tasks like remembering lists.

Depth of Processing

This refers to the concept in cognitive psychology that the level at which information is thought about or engaged with affects how well it is remembered. Deeper, more meaningful processing leads to better retention.