In the Short Run

question 27

Multiple Choice

In the short run

• A) all of the firm's inputs are fixed.
• B) at least one of the firm's inputs is fixed.
• C) none of the firm's inputs is fixed.
• D) the output of the firm is fixed.
• E) only things that are broken can be fixed.

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, where no single participant has the power to significantly influence prices for homogeneous products.

Production Resource

Resources used in the creation of goods and services; these include land, labor, capital, and entrepreneurship.

Market Price

The present cost for purchasing or selling a product or service in a market setting.

Influence

Influence is the capacity to have an effect on the character, development, or behavior of someone or something, or the effect itself.