​In the Short Run

question 70

Multiple Choice

​In the short run,

• A)​Some production costs are fixed
• B)All inputs are variable
• C)All inputs are fixed
• D)​None of the above

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Definitions:

Bowed Outward

Describes a curve (such as in production possibilities frontier) that shows increasing opportunity costs for producing two goods.

Capital

Assets with monetary value, including cash and commodities, which are utilized to produce income or accumulate wealth.

Opportunity Costs

The financial loss associated with rejecting the next most favorable option during decision-making.

Inputs

Assets like work, supplies, and funds that are utilized in the manufacturing process to produce products and services.