You Should Consider Your _____ Before You Take on a Large

question 17

Multiple Choice

You should consider your _____ before you take on a large consumer loan.

• A) educational qualifications
• B) history of auto ownership
• C) past employment
• D) financial plans
• E) career plans

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Definitions:

Fixed Input

An input whose quantity is constant and cannot be changed in the short run.

Short Run

A period in economics during which some factors of production are fixed, limiting the ability of a business to fully adjust to market changes.

Long Run

An economic term referring to a period during which all inputs or factors of production can be varied, and there are no fixed constraints.

Average Fixed Costs

The fixed costs (those not changing with output level) of production divided by the quantity of output produced.