The Period of Time When a Firm Is Unable to Change

question 156

Multiple Choice

The period of time when a firm is unable to change all of inputs,or factors of production,is called the

• A) economic term.
• B) short run.
• C) accounting term.
• D) long run.

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Definitions:

Great Depression

A severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States and affecting many countries.

Short-Run Aggregate Supply

The total supply of goods and services that firms in an economy are willing and able to produce over a short period, generally at existing price levels.

Price Level Expectations

Price level expectations refer to the anticipations of consumers, firms, and other economic actors regarding the future general price level in the economy, influencing their economic decisions.

Short-Run Aggregate-Supply Curve

A visual depiction that illustrates the link between the overall output of goods and services and the price level for production in the short-term.