Input Prices Are ________ in the Short Run and ________

question 40

Multiple Choice

Input prices are ________ in the short run and ________ in the long run.

• A) sticky; sticky
• B) flexible; flexible
• C) increasing; increasing
• D) flexible; sticky
• E) sticky; flexible

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Definitions:

National Football League

The National Football League (NFL) is a professional American football league consisting of 32 teams, divided between the National Football Conference (NFC) and the American Football Conference (AFC).

Licenses

Official permissions granted by authorities allowing individuals or companies to carry out certain activities, such as driving or operating a business.

Price Floor

A government or group-imposed minimum price set above the equilibrium price, ensuring sellers cannot charge less than this amount.

Market-clearing Price

The price at which the quantity supplied of a product equals the quantity demanded, effectively clearing the market of any surplus or shortage.