The Short Run Is a Time Frame in Which

question 141

Multiple Choice

The short run is a time frame in which

• A)the firm is not able to hire more workers.
• B)the amount of output produced is fixed.
• C)there is a shortage of most factors of production.
• D)at least one factor of production is fixed.
• E)there is not enough time to make all of the decisions necessary to maximize profit.

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Definitions:

Commission Fee

A service charge assessed by a broker or agent for facilitating a transaction, typically a percentage of the transaction amount.

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which may not coincide with the calendar year.

Average Number

A value found by summing all numbers in a set and then dividing by the count of those numbers, representing a central or typical value in the set.

Maintenance Crew

A team responsible for keeping buildings, machinery, or equipment in working order through routine maintenance and repair.