In the Short Run

question 39

Multiple Choice

In the short run

• A) the number of firms is fixed.
• B) all factors of production are variable.
• C) firms will leave the industry if they are not making enough profit.
• D) perfectly competitive firms cannot make positive economic profits.

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Definitions:

Resist Change

The resistance to alter established habits, processes, or structures within an individual or group context.

Institutionalize

To establish something as a norm or standard in an organization or culture, often referring to the process of embedding practices, beliefs, or systems within an institution.

Transformational Leaders

Leaders who inspire and motivate followers to exceed their own self-interests for the good of the organization, and to achieve higher levels of achievement.

Evaluations

The process of assessing or appraising the value, importance, or performance of someone or something.