The Short Run Is the Time Frame

question 226

Multiple Choice

The short run is the time frame

• A) during which the quantities of all resources are fixed.
• B) that is less than a year.
• C) during which the quantities of some resources are fixed.
• D) during which the quantities of all resources are variable.
• E) during which all costs are implicit costs.

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Definitions:

Output Effect

A phenomenon where changes in price level influence the quantity of goods and services produced in an economy due to the alteration in profitability of goods sold.

Price Effect

The impact on consumer demand or supply of goods due to changes in the price of those goods or related goods.

Free Trade

An economic policy that allows imports and exports between countries with minimal or no tariffs, quotas, or prohibitions.

Oligopoly

A market structure characterized by a small number of firms whose decisions affect and are affected by each other.