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.

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Definitions:

American Psychological Association

A professional organization representing psychology in the United States, promoting research, education, and clinical practice in the field.

William James

An American philosopher and psychologist, often referred to as the father of American psychology, known for his contributions to functionalism.

Margaret Floy Washburn

A prominent early American psychologist known for her work in animal behavior and motor theory development.

Mary Whiton Calkins

An early American psychologist who became the first woman to serve as President of the American Psychological Association.