In the Short Run

question 42

Multiple Choice

In the short run,

• A) all production costs must be fixed.
• B) all production resources can be varied in quantity.
• C) only variable costs determine how much to produce.
• D) there are both variable and fixed costs of production.
• E) a firm cannot experience diminishing returns.

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Definitions:

Tender

refers to the offer of payment of money or the performance of an obligation in order to discharge a debt or fulfill a contract.

Offering

The process or act of presenting something for acceptance, consideration, or use, such as a financial instrument or a proposal.

Discharge by Performance

The termination of a contractual obligation when both parties fulfill their respective duties as agreed in the contract.

Discharged

The state of being released from a legal, financial, or other obligation.